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FX.co ★ Forecast for EUR/USD on July 26, 2024

Forecast for EUR/USD on July 26, 2024

EUR/USD

Most major currencies, oil, gold, and the S&P 500, reached their technical support targets yesterday. Even the yield on 5-year U.S. government bonds hit last week's (and the month's) low. Markets are experiencing a risk-off phase, and as mentioned earlier, this could continue until December.

Forecast for EUR/USD on July 26, 2024

Strong U.S. data stopped the decline; GDP for Q2 advanced 2.8% versus the 2.0% estimate, and core durable goods orders increased by 0.5% in June. Although structurally, these data are not as rosy; a correction might occur today, smoothly aligning with the wait-and-see mode ahead of the Federal Reserve meeting next week.

The Marlin Oscillator has begun turning from the zero line on the daily chart. Based on its behavior, the correction or consolidation might last two days.

Forecast for EUR/USD on July 26, 2024

On the 4-hour chart, the Marlin Oscillator broke above the zero line into the uptrend territory. The price is moving below the balance line (red moving average), which currently confirms the corrective nature of this movement and does not suggest a rapid rise. The correction may last until 1.0885, where the price consolidated from July 19-23.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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