FX.co ★ Forecast for EUR/USD on June 24, 2021

EUR/USD

Economic data that came out yesterday came out slightly better than forecasts for both Europe and the United States. As a result, the euro lost 13 points, and as we now expect in the future, if the data is equal, the euro will weaken against the dollar. Today, the US data is expected to be good: the volume of orders for durable goods in May could grow by 2.8%, initial applications for unemployment benefits are forecast to decline from 412,000 to 380,000, the final estimate of GDP for the first quarter is expected to remain unchanged at 6.4%. Thus, we are waiting for the price to decline to the first target of 1.1855 and fall even further in order to continue the decline to the second target of 1.1705.

The price turned down from the MACD indicator line on the four-hour chart yesterday, and the price did not go above the red balance indicator line during the entire correction, which indicates the development of the correction within the controlled framework of the downward trend. The Marlin oscillator remains in the growth zone and is still hindering the development of the bears' offensive.

But there is still time before the evening news in America. When the price overcomes the signal level of 1.1880, Marlin will move into its negative area. At this point, the situation will become completely downward for the euro.