FX.co ★ Forecast for EUR/USD on April 30, 2024

EUR/USD

Yesterday, the euro edged up, with resistance at 1.0724 holding firm, and the price consolidated below this mark on the daily timeframe. The price is falling in today's Asian session. The Marlin oscillator is turning downwards before reaching the zero line. The EUR/USD pair likely aims to return to the well-established range of 1.0636/56.

The price is still above the indicator lines on the 4-hour chart, but the Marlin oscillator has bounced off the zero line twice and moved downwards, continuing to prompt the price to fall towards the nearest support, in this case, towards the MACD line (1.0675).

Breaking below this line, which coincides with the April 26th low, would naturally allow the price to enter the target range. The primary scenario would only be disrupted once the price consolidates above the level of 1.0724. In this case, the price could set its sights on testing 1.0796, bypassing the intermediate level of 1.0757.