FX.co ★ Forecast for EUR/USD on April 7, 2021

Forecast for EUR/USD on April 7, 2021


The euro was unable to oppose anything against the double convergence with the Marlin oscillator. Despite the fundamental pressure on the euro, the growing correction continues. And if the market corrects from the entire fall from the top of January 6, then the growth will easily continue to 1.1952 - to the Fibonacci retracement level of 38.2%. This level coincides with the low of February 5th. Further, the price may slightly go beyond this level and reached the resistance of the MACD line in the area of 1.2000. The signal line of the Marlin oscillator is fixed in the growth zone.

Forecast for EUR/USD on April 7, 2021

The price is rapidly growing above the indicator lines on the four-hour chart, the signal line of the oscillator turns down a little, which indicates an excessively rapid growth for the euro and the likelihood of a slight "squat" of the price before further growth. So, the euro is aiming for 1.1952. The target of the entire movement is the 1.3625 level (December 17, 2020 high).

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Forecast for EUR/USD on April 7, 2021

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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