FX.co ★ Forecast for EUR/USD on August 31, 2022

Yesterday, the euro managed to grow by 0.15% (16 points) against the growth of the dollar index by 0.05%, and this is a fortress of the euro against other currencies from the index. It is probably connected with talks about the European Central Bank's intention to strengthen the monetary policy, expressed, in particular, at the symposium in Jackson Hole.

However, from the technical side, the euro's growth still seems to be corrective. The decisive sign of this is the flat rise of the Marlin Oscillator in the last week of this euro advance. If in the next day or two the single currency's growth does not accelerate, then it may fall by two figures, to the target level of 0.9850. It is possible to work out a more technically significant level of 0.9752 - the price channel line of the monthly timeframe.

The price is consolidating at the level of 1.0020 on the four-hour chart, the signal line of the Marlin Oscillator is also moving sideways. For the steady development of growth, the price needs to overcome the peak on August 26 (1.0088), and there are already the following resistances: 1.0115 is the MACD line of the daily scale, and above 1.0150 is the target level. The euro can hope for continued growth to the level of 1.0360 when it settles above it. To develop a downward movement, the price needs to consolidate below the level of 0.9950, which is approaching the MACD line. Our main scenario is going down.