FX.co ★ Forecast for EUR/USD on May 2, 2022

The euro gained 48 points on Friday as a correction from the previous six-day fall. Investors have closed part of the positions, but this morning the euro is falling again. On the one hand, the potential for an upward correction has not been exhausted, on the other hand, the business activity index for April from the ISM Institute will be released today in the US, the forecast for which is 57.6 against 57.1 in March. Tomorrow, the volume of industrial orders for March may show an increase of 1.1%, and on Wednesday the Federal Reserve raises the rate. There is no desire to buy the euro during such events.

If you look at the daily chart, then a qualitative bearish breakthrough will come only after the price overcomes the lower boundary of the local price channel (1.0454), and ideologically, until this moment, the price can be considered in consolidation, that is, its decline by 70-80 points from the current price will not become what - a bright event or a signal for aggressive short positions. The Marlin Oscillator senses this and is in no hurry to turn around.

Marlin has approached the zero line on the four-hour chart, there may already be a downward reversal from it. If an upside breakthrough does occur, it is unlikely to be above the MACD line, above 0.0610.

So, we are waiting for the price to slowly slide closer and closer to the lower border of the green price channel.