FX.co ★ Forecast for EUR/USD on July 20, 2021

EUR/USD

Yesterday, the euro traded in a 60-point range, closing the day with a 6-point decline. At the same time, the signal line of the Marlin Oscillator on the daily chart within its channel lies in the horizon, which together indicates the price's intention to continue the sideways movement, probably as a consolidation before declining further, the targets of which are 1.1705, 1.1640.

The price converges with the Marlin Oscillator on the four-hour chart. Yesterday's correction was limited by the resistance of the MACD line, the price (1.1826) may attack this line again.

Exit above the line may increase the correction to the target level of 1.1850. In this case, on the daily chart, the signal line of the Marlin Oscillator will reach the border of the positive area, from which the probability of a downward reversal will greatly increase.

So, today we are waiting for the correction to stay, a sideways movement.