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24.05.202106:27 Forex Analysis & Reviews: Forecast for EUR/USD on May 24, 2021

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EUR/USD

The euro decided to make a reversal. So far, this reversal consists of an attack on support at 1.2170 that is not very confident. But the level is strong, it has acted as support and resistance several times since December last year.

The Marlin oscillator is decreasing on a daily basis, bracing for an attack on the border of the bears' territory, and according to its indication, the probability of the price successfully breaking through the indicated level is high. The target of the subsequent movement is the 1.1985-1.2040 range, defined by the May low and the MACD line.

Marlin is in the negative area on the H4 chart, the price is consolidating before the support of the actual price level at 1.2170 as well as the MACD line. Today is a holiday in Germany, Canada and Switzerland, and the US will not report any important reports, so we are waiting for the continuation of consolidation. Tomorrow, IFO indices will be released in Germany, as well as reports on US home prices, new home sales, and consumer confidence. We are waiting for the increased dynamics of the euro.

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