FX.co ★ Forecast for EUR/USD on July 24, 2023

EUR/USD:

The euro has stopped falling ahead of the target range at 1.1068/92. It is possible that the price intends to overcome this support directly on the day of the Federal Reserve's announcement of its decision on interest rates on Wednesday. This could be a strong support level. The Marlin oscillator is decreasing, although its pace has slowed. The price may correct for a bit before it falls further.

Today, the eurozone and the US are set to release their PMIs for July. Business sentiments are expected to weaken in both regions, which could lead to volatility upon the release of the actual data. This may allow the price to test the nearest resistance level at 1.1175.

On the four-hour chart, the price has settled below the MACD line, and Marlin is rising. The MACD line is approaching the level of 1.1175. The short-term trend is bearish but has the potential for a correction (testing the MACD line and the target resistance from below).