FX.co ★ Forecast for EUR/USD on February 1, 2022

Yesterday, the euro jumped 84 points, bouncing off the 1.1121 level on Friday, probably from the April and May 2019 support area. The correction stopped at the balance indicator line of the daily scale. It is very possible that this growth is completed - the price reached support on December 7-17, 2021. There is one factor that indicates the likelihood of further growth - price convergence with the Marlin Oscillator. Moreover, there is convergence on the weekly chart as well. But the convergence has not yet been completed on both scales and, therefore, can be neutralized by further price reduction.

It will be possible to speak of a trend reversal after the price breaks above the target level of 1.1300, which will also mean that the MACD indicator line has been overcome.

The 1.1121 level itself is relatively weak, 1.1060 looks more solid - the high of December 2015, so we are waiting for the euro at this level. Crossing this level opens the way for a further decline to the target of 1.0910, the June 2016 low.

On the four-hour chart, the price also touched the balance indicator line and started a reversal from it. The Marlin Oscillator is also turning around. At the moment the trend is downward.