FX.co ★ Forecast for EUR/USD on June 29, 2023

EUR/USD

Yesterday, the euro returned to Tuesday's lows, which can be considered as the end of the confrontation amid aggressive rhetoric from central bank officials at the forum in Sintra. Federal Reserve Chairman Jerome Powell confirmed the possibility of rate hikes at consecutive meetings, and investors, comparing economic data that is clearly better in the United States than in Europe, started buying dollars.

The price has already broken below the lower band of the target range of 1.0910/30 and opened the target of 1.0789-1.0804, towards which the MACD indicator line on the daily chart will soon approach. The lower band of the target range is defined by the low of April 3. The Marlin oscillator is declining.

On the four-hour chart, the price has settled below the balance indicator line, and the Marlin oscillator has settled below the zero line. We have a downtrend, and we are waiting for the price to reach the target range.