20.08.202405:28 Forex Analysis & Reviews: Forecast for EUR/USD on August 20, 2024

Relevance up to 23:00 2024-08-20 UTC--4

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Yesterday, the single currency made a solid move of 56 pips and reached the target level of 1.1085. The Marlin oscillator does not show any exhaustion of the euro's strength, so there is a high probability of the price consolidating above this level and advancing towards the next target of 1.1140 (the peak from December 2023).

A correction is likely from this level, as Marlin will enter the overbought zone. In the 4-hour chart, the price does not retreat from the resistance reached, although the Marlin oscillator is slightly pulling back.

In the context of the expected rise, this pattern can be interpreted as a release of the oscillator before further growth and a breakout of the level. If a breakout with consolidation does not occur, it might indicate price consolidation and accumulation of strength.

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