FX.co ★ 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.

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.

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.