FX.co ★ Forecast for EUR/USD on July 11, 2019

EUR/USD

On Wednesday, before speaking in the House of Representatives of the US Congress, Jerome Powell paid much attention to negative trends in the global economy and politics, listing in detail all the possible reasons for the deterioration of the situation. Expectations for lower rates have increased, in particular, in the September meeting, the probability of another cut has increased from 55.4% to 60.0%. As a result, the dollar index lost 0.39% while the euro grew by 42 points.

On the daily chart, the price went above both indicator lines, but the signal line of the Marlin oscillator remains in the zone of negative numbers, which indicates the likelihood of continuation of the corrective growth of the euro while maintaining the overall decreasing trend.

On the four-hour chart, the price crosses the MACD line and enters the accumulation zone from July 2-4, 1.1274-1.1313. From here, in the main scenario, we expect a turn down.