FX.co ★ Forecast for EUR/USD on July 31, 2023

EUR/USD

On Friday, euro failed to break below the support of the MACD line and corrected upwards with a brief move above the level of 1.1012. As the Marlin oscillator remained in negative territory, the pair will likely resume its decline, with an attempt to test the target support at 1.0924. The MACD line will also move towards this level.

Although the upward movement also paused in the four-hour timeframe due to the balance indicator line, short-term speculative interest in buying appeared because the signal line of the Marlin oscillator entered the positive territory. If the pair consolidates below 1.1012, the way towards 1.0966 will open. Further consolidation below this level will lead to a fall to 1.0924.

A rapid price decline will make this bearish scenario possible. However, slow growth during the day will enable the balance indicator line to adapt, which may result in a correction towards the target range of 1.1068/92.