FX.co ★ Forecast for EUR/USD on June 25, 2021

EUR/USD

Yesterday, the economic data for Germany was better than expected, and for the US it was worse. And only the pound's decline by 40 points at the end of the day after the Bank of England's neutral meeting kept the euro in the previous day's range. Today, the dollar has the opportunity to rectify the situation in its favor if the data on consumer spending (forecast for May 0.4%) and the indicator of consumer sentiment for June from the University of Michigan (forecast 86.4 versus 82.9 a month earlier) do not turn out to be disappointing.

The euro is still in the upward mood on the daily chart - consolidation lasts for the third day, the Marlin oscillator continues to rise. If the price rises above the signal level of 1.1970 - which is the high on Wednesday, then the growth may accelerate towards the resistance of the MACD line in the area of the 1.2070 mark.

On the four-hour chart, the price tries to rise above the MACD indicator line for the second time. The second attempt may turn out to be successful, and then it is worth waiting for the price to breakthrough the area above the reference level so we can carefully open a long position.

But the main scenario is still the downward trend. The price needs to settle below the lower border of the two-day consolidation at 1.1912 and the path to the nearest target of 1.1855 will become open. We are waiting for the development of events.