27.07.202006:56 Forex Analysis & Reviews: Forecast for EUR/USD on July 27, 2020

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EUR/USD

Last Friday we expected a reversal of the euro to 1.1420 with a 60% probability, but the price chose the growth option with a slightly lower probability. Now, the 1.1735 target (August 28, 2018 high) is open in front of it, overcoming it can provoke an increase to the border of the higher price channel (marked in blue) at 1.1798. But even if the price increases to the specified mark, the divergence with the oscillator will remain. The resistance is strong, we expect either from it, or a little earlier, that the euro will turn into a medium-term decline. Perhaps even below parity.

The price has consolidated above the 1.1620 level on the four-hour chart, the general trend on the indicators is upward, we expect growth towards the first target of 1.1735. There is also a divergence with the Marlin oscillator, so the rise to 1.1735 can take on such an intricate shape that it is more expedient to wait for the price to consolidate below 1.1620 in order to make sure the divergence is forming and prepare for more reliable sales.

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