16.06.202105:55 Forex Analysis & Reviews: Forecast for EUR/USD on June 16, 2021

EUR/USD

So the decisive day has come, determining the fate of the euro in the medium term. Today, the Federal Reserve meeting will take place, at which the beginning of a discussion on changing monetary policy can be announced. Yesterday's US report came out very well by the way: industrial production increased by 0.8% in May against the forecast of 0.6%, the producer price index (PPI) for the same period added 0.8% against expectations of 0.5%, the base PPI added 0.7%. Against this background, the trade balance of the euro zone in April showed a deterioration from 18.3 billion euros to 9.4 billion. And it is even surprising that yesterday the euro did not surpass the support of the MACD line on the daily chart (1.2084).

Nevertheless, the price did not overcome the resistance of the red balance indicator line, which gives an indication of the downward trend's control over the situation. Today we expect to overcome the target level 1.2051. A little later, the price may reach the lower border of the price channel at 1.1942.

There is no additional information on the four-hour timescale, unless the price also rose above the balance line and Marlin did not leave the downward trend zone.