12.08.202408:50 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 12, 2024

Relevance up to 02:00 2024-08-13 UTC--4

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The forex market remains unchanged, and the dollar remains stagnant. This is not surprising, given the empty economic calendar. Moreover, it seems that this situation will persist throughout the day, as no macroeconomic data is being published. Thus, only unexpected news could move the market. However, the most likely scenario is stagnation until the middle of the week, when inflation data for the United States will be released.

The EUR/USD pair is moving above the 1.0900 level, indicating a slowdown in the corrective cycle. However, it is still too early to say that the cycle has ended, as the quote has not yet returned above the 1.0950 mark, which would signal a recovery in the euro's value.

On the 4-hour chart, the RSI technical tool was temporarily below the average level of 50 but has since returned above it. This indicates a decrease in the volume of short positions.

Regarding the Alligator indicator on the same time frame, two of three MA lines are intertwined, which indicates a stagnant phase.

Expectations and Prospects

Stabilization of the price below 1.0900 is necessary for the next stage of the corrective movement. Otherwise, this level could become a support, leading to the end of the corrective cycle and a gradual recovery in the euro's value.

The comprehensive indicator analysis points to a stagnant phase in the short-term and intra-day periods.

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