For Traders

Analytical Reviews

Technical analysis

12.07.202105:53 Forex Analysis & Reviews: Forecast for EUR/USD on July 12, 2021

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

Last Friday, the euro grew on strong recovery growth in equity markets, that is, on rising risk appetite - the S&P 500 gained 1.13% and set a new all-time record.

But this is a correlation-corrective growth, its limit is seen at the target level of 1.1975 (high on June 25). The end of the correction can occur when the signal line of the Marlin oscillator touches the border of the growth area and reverses from it (red arrow), in this case the price will turn down before reaching its target level at 1.1975, approximately from the area of 1.1930. We can only talk about an upward reversal for the euro in the medium-term when the price rises above the MACD indicator line, beyond 1.2025.

Last Friday, the price moved up from the support of the MACD line on the four-hour chart. Such a rebound may still support the growth within the main downward movement. The Marlin oscillator is growing without signs of a reversal. We are waiting for a signal for the reversal by today and tomorrow.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.