FX.co ★ Forecast for EUR/USD on August 8, 2023

EUR/USD:

Risk appetite is slowly returning to the markets. Yesterday, the S&P 500 rose by 0.90%, gold prices fell by 0.36%, and the yield on US government bonds remained almost unchanged. Major currencies closed mixed.

In today's Asian session, the euro is trying to overcome the support of the balance indicator line on the daily chart, with the Marlin oscillator showing a downtrend. However, the current sentiment may be influenced by the performance of related markets. If the price settles above 1.1012, it will resume the upward movement, aiming for the range of 1.1068/92, and possibly even higher (1.1175).

This scenario will be neutralized if the price falls below the target support level of 1.0924, which has already been tested by the MACD line.

On the four-hour chart, yesterday, the price tried to break the resistance of the MACD line and the target level of 1.1012. For now, it failed on this attempt, and the Marlin oscillator is not in a rush to enter negative territory. We are waiting for further developments.