FX.co ★ Forecast for EUR/USD on May 8, 2019

EUR/USD

On Tuesday, the euro was trading with an amplitude of 25 points while maintaining the technical conditions of uncertainty. The level of 1.1216, as the point of coincidence of the MACD line with a Fibonacci level of 100.0% on the daily chart, remains relevant since it is a possible turning point for the euro's fall. The same pattern on the four-hour chart is added to yesterday's condition for turning the signal line of the marlin oscillator from the zero line on a daily scale. Formally, the coincidence of patterns on the charts of different time periods reinforces the reversal signal. At the moment, we accept this scenario - a reversal of the euro with a consolidation below 1.1155 and a further decline to 1.1075 for the main one.

Consolidating the price above 1.1216 may bring the EUR/USD to May 1's high, which is at the level of 1.1265.