FX.co ★ Forecast for EUR/USD on July 19, 2024

EUR/USD

Yesterday, market correlations returned to their usual state: oil and stock indexes declined, along with other anti-dollar currencies. The euro fell 42 pips, entering the range of the candle bodies on Monday-Tuesday.

The trading volume was above average, indicating direct sales of the euro. Even yesterday's European Central Bank meeting failed to provide any encouraging signals regarding the progress of eurozone inflation and the economy. The divergence between the price and the Marlin oscillator is coming into play. If the pair closes the day below 1.0905, reaching the support at 1.0788 will become the price's next objective.

On the 4-hour chart, the price went down at the point of intersection of the 1.0905 support level and the MACD line. This is strong enough for a breakthrough in order to accelerate further movement. The price settled below these lines, and the Marlin oscillator is heading downwards in the bearish territory.