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16.08.202204:57 Forex Analysis & Reviews: Forecast for EUR/USD on August 16, 2022

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The euro moved down with all determination on Monday, finally accepting a plan for a medium-term decline. The fall was 100 points and at the moment the price is testing the strength of the target support level of 1.0150. The Marlin Oscillator has come close to the border with the downward trend territory on the daily chart.

Simultaneous crossing of support by the price and the zero line by the oscillator can give an additional impetus to the price and the next target at 1.0020 will be reached fairly quickly. The third target is 0.9950.

There may also be a second option for the development of a downward movement: the price will work out their support with the oscillator, then they will correct and with fresh forces, on the second attempt, they will overcome them. The correction limit is the MACD line on the daily chart – 1.0218.

The oscillator fell quite deeply on the H4 chart, although it is not yet in the oversold zone. The signal line turns up, relieving tension and accumulating strength for a new downward shot. From such positions, the option of a decline with a preliminary correction looks the most possible.

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