08.08.202404:56 Forex Analysis & Reviews: Forecast for EUR/USD on August 8, 2024

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Over the past day, the euro's fundamental ideas have not changed, and the price decided to consolidate above the level of 1.0905. However, the day closed with a black candle, and the support itself was tested by the lower shadow, which indicated a bearish sentiment toward the euro.

Consolidating below the support at 1.0905, with ongoing divergence from the Marlin oscillator, will open the way to the target level of 1.0788 (the low of May 30th). A move above 1.0964 would allow for retesting the target of 1.1010. But this is an alternative scenario.

On the 4-hour chart, the Marlin oscillator's signal line spent all of yesterday on the neutral zero line, which indicates its intention to move into bearish territory. After the price moves below support at 1.0905, its first target will be the MACD line around the mark of 1.0863.

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