FX.co ★ Forecast for EUR/USD on March 11, 2021

EUR/USD

Another day passed in anticipation of the European Central Bank meeting. Yesterday, the trading range for the euro was 60 points without any attempts at serious action. According to the general median opinion prevailing in the market, the ECB in the face of the European recession should show at least verbal softness, declaring its readiness to use any means of accommodation policy at any time, up to a rate cut. And since investors are already tuned in to such rhetoric, it is already easier to find it even in an essentially neutral speech. Our main scenario assumes that the price would move from the descending price channel of the daily timeframe (1.1874) and advance towards targets like 1.1800, 1.1745.

On the four-hour chart, the increased exit of the Marlin oscillator into the growth zone is suspicious, but the current significance of the ECB meeting is so great that it can easily change any technical picture. In case the euro sharply falls, Marlin will have a longer downward movement. This is how this indicator will be read, but not now, but it is a fact.