FX.co ★ Forecast for EUR/USD on April 26, 2021

EUR/USD

This morning the euro reached its first target of 1.2105 at the 61.8% Fibonacci level. The correction from the movement on January 6-March 31 is already quite deep, but the price does not even intend to stop. In any case, the Marlin oscillator, being a leading indicator, continues to move up on the daily chart. The growth target is now the Fibonacci level of 76.4% at the price of 1.2200.

There is a sign of an impending divergence on the four-hour chart. To secure this, the price will need to settle below 1.2105.

Data on March orders for durable goods in the United States will be published in the evening. The forecast is 2.5%. The report will probably determine the price's further action. But even if the euro does not go to the second target at 1.2200, it will not be easy to form a reversal, since there is another 60 points (1.2050) before the MACD line, a departure under which will become a condition for a bearish reversal.

So, the main scenario is the upward price movement. The risk of a reversal involves working with reduced volumes of open positions.