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21.07.202106:01 Forex Analysis & Reviews: Forecast for EUR/USD on July 21, 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

Yesterday, the euro continued to decline despite the rising indicators on the daily and four-hour time frames. On the daily chart, the signal line of the Marlin oscillator is moving in a slightly upward sideways trend within its own rising channel.

Exchange Rates 21.07.2021 analysis

This may end with the fact that upon reaching the target level of 1.1705, or even without reaching the level, the price may sharply rise as a correction from the entire movement from May 25, approximately to the 1.1925 area, which will reach 38.2% of the entire two-month fall. This option may well fit into the market's possible reaction to the European Central Bank meeting on Thursday, at which a more precise date or conditions for the rate hike will be determined.

But the Marlin may not withstand the tension, it will exit the channel down, and then the price will go lower, to the target level of 1.1640. Such an option is also possible at the ECB meeting, although it is less likely.

Exchange Rates 21.07.2021 analysis

On the four-hour chart, the price is still being pressed by the convergence with the Marlin oscillator; there may be a local correction to the MACD line in the 1.1822 area. But it can also be a wedge with Marlin coming out of it to the downside. Nevertheless, in all respects, it is still a downward trend, so we expect the price to continue falling. In trading, it is still recommended to slightly reduce the risk and sell euros with a reduced lot. The goal is 1.1705.

Laurie Bailey
Analytical expert of InstaForex
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