FX.co ★ Forecast for EUR/USD on July 9, 2021

EUR/USD

The euro gained 52 points on Wednesday, it was probably a correction from the movement from June 25. A dubious convergence in progress has, in addition to this dubiousness, formed a narrow ascending channel on the daily chart. The signal line of the Marlin oscillator is probably reversing from its upper border. In this case, the line will exit the channel downwards and the downward trend will continue. The target of the decline is 1.1705.

If the price moves above the July 6 high at 1.1895, the corrective growth will take on a deeper form, the price will try to reach the June 25 high at 1.1975.

On the H4 chart, the price settled above the MACD indicator line, but all the growth took place below the balance indicator line, which still retains the main downward scenario with a correction that has ended or is about to end. Here, the Marlin oscillator also fits into its own channel, from the upper border of which a downward reversal has already taken place. We are waiting for the price to consolidate below the MACD line at 1.1825 and further downward movement of the price.