FX.co ★ Forecast for EUR/USD on July 17, 2024

EUR/USD

Yesterday, the S&P 500 rose by 0.78% setting a new record, gold rose by 1.94%, and the euro stopped retreating. Thus, the single currency closed the day up by 5 pips. Nevertheless, oil continued to fall, down 1.44% on Tuesday, supporting the bearish mood of the counter-dollar currencies. The Australian dollar was down 24 pips yesterday.

On the day chart, the price divergence with the Marlin oscillator nearly didn't strengthen, but the quote never went above the resistance level of 1.0905. The price needs to fall below yesterday's low as soon as possible, otherwise the current consolidation below the level will make it possible for the bulls to gain confidence so they can consolidate above the resistance and resume growth under the alternative scenario, rising up to 1.0964 or even higher.

On the 4-hour chart, the Marlin oscillator tried to fall below the zero line, but the first attempt failed. This morning, the MACD line came closer to the price, it will be easier to overcome it (1.0879), so today we expect a better bearish breakout. A consolidation below the MACD line will automatically mean overcoming yesterday's low, and together it can push the euro towards the nearest target of 1.0788 (May 30 low).