FX.co ★ Forecast for EUR/USD on July 14, 2021

EUR/USD

The euro fell by 83 points on Tuesday, which created some ambiguity in the technical interpretation of this movement.

The high rate of decline, due to which the Marlin oscillator slowed down with a decline, on the one hand, forms a double convergence on the daily chart, on the other hand, the signal line of the oscillator has approached the lower border of its own channel and is preparing to overcome it.

A similar ambiguity on the weekly chart:

Here, theoretically, convergence may develop, for which the price needs to reach the March low of 1.1705, but the oscillator may continue to develop in the global descending channel, and then the price may reach the target level of 1.1465 and even 1.1300. But we consider this scenario as the main one. Thus, yesterday's low at 1.1772 is a signal level - price drift below it opens the target at 1.1705. Further movement to 1.1640 is possible.

No peculiarities observed on the four-hour chart, there are no reversal signals, the price is below the balance and MACD lines, and Marlin develops a decline. We are waiting for the price at the nearest target level of 1.1705.