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FX.co ★ Forecast for EUR/USD on July 29, 2024

Forecast for EUR/USD on July 29, 2024

EUR/USD

Ahead of the Federal Reserve's rate decision on July 31, the euro has decided to drift within the range of 1.0788-1.0905. This indicates market instability, which is most likely to continue the movement of the previous days, i.e., downward, in an attempt to overcome 1.0788.

Forecast for EUR/USD on July 29, 2024

As can be seen, even the signal line of the daily Marlin oscillator has turned into a correction without reaching the zero line, not from a support level. As a result, we do not anticipate any significant growth. The pair is expected to move sideways today and tomorrow.

Forecast for EUR/USD on July 29, 2024

On the 4-hour chart, the price has paused at the balance line. While a 'mild' corrective scenario is possible, the price is unlikely to challenge the MACD line. The Marlin oscillator's upward move could be a false signal, as is often the case with the oscillator's increase. In this uncertain market, the best strategy is to continue observing.

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