FX.co ★ Forecast for EUR/USD on July 23, 2024

EUR/USD

As expected, the price consolidated below the target resistance of 1.0905 yesterday. The signal line of the Marlin oscillator has slightly declined, and now it is reasonable to expect a resumption of the decline towards the nearest local support at 1.0846 – the peak of July 8.

Next, the euro is likely to fall under the ongoing pressure of divergence, aiming for the level of 1.0788—the May 30 low. The price consolidated below the balance indicator line on the 4-hour chart.

The Marlin oscillator has slightly corrected higher but is now ready to move further into the downtrend territory. The target is the range of 1.0840/06. Consolidating below this range will resume the downward movement towards 1.0788.