FX.co ★ Forecast for EUR/USD on March 20, 2020

EUR/USD

The euro collapsed by 250 points on Thursday, pausing on the embedded line of the price channel of the daily chart. The signal line of the Marlin oscillator slightly turned upwards, which may develop into a short-term price correction, as an option, to the February 20 low at the price of 1.0778. The departure of the quote under the price channel line (1.0644) opens the target at 1.0493 - the February 2017 low. Price taking above 1.0778 will extend the correction to 1.0879 - to the October 1, 2019 low.

The Marlin oscillator also reverses upwards on the four-hour chart, remaining within its own descending channel. We are waiting for the correction to be completed as well as for the euro to fall.