FX.co ★ Forecast for EUR/USD on April 8, 2022

The euro continues to decline, although it has slowed down. It has a technically and ideologically important support at 1.0820 ahead of it, overcoming which opens the target of 1.0636 – the low of March 2020, therefore, in order to overcome such an important support, you need to gather your strength. Today is Friday, no important news is planned, and investors, if they have planned a breakthrough, will organize it not today. The Marlin Oscillator of a daily scale is moving exactly horizontally, which hints at the preliminary closing of short positions of players before an assault with fresh forces.

On the four-hour chart, the Marlin Oscillator is growing in the downtrend zone, this can be interpreted in two ways: the oscillator rarefaction before further decline into the oversold area and a slight convergence with the price, indicating the expected closing of positions.

Thus, two scenarios of one action appear: price correction from current levels (correction limit at 1.0945) and a subsequent powerful attack on the target level of 1.0820, and support at 1.0820 working off with a subsequent bounce from the level and only then going under it with a further decline.