29.03.202105:01 Forex Analysis & Reviews: Forecast for EUR/USD on March 29, 2021

EUR/USD

The euro correctively gained 26 points last Friday, approaching a small consolidation on the 24th (1.1810). In today's Asian session, the price almost covered Friday's growth. If the success is developed, then after overcoming the first target level of 1.1745 the price will continue to fall to the target range of 1.1688-1.1700. A major correction is expected either from the first target level or from the target range, as a double convergence of price with the Marlin oscillator is forming on the daily scale.

The first signal of such a correction would be when the price passes the area above the 1.1810 level, then the price can rise above the MACD line of the four-hour timeframe (1.1836), which corresponds to the March 9 low. The correction can grow and reach the 1.1950 level - an approximate extreme on March 22 and February 5 (check marks on the chart).

The Marlin oscillator is approaching the border of the growth area on the four-hour timescale. The exit above it while strengthening the tendency for the price to move above the 1.1810 level will be preparation for an attack on 1.1836. But the main scenario for today and tomorrow assumes that the price would fall either to 1.1745, or to the range of 1.1688-1.1700. We are waiting for the development of events.