28.08.202405:07 Forex Analysis & Reviews: Forecast for EUR/USD on August 28, 2024

Relevance up to 22:00 2024-08-28 UTC--4

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The euro continues to consolidate above the level of 1.1140, with the Marlin Oscillator struggling to reverse from the area of weak overbought conditions. A price breakout to 1.1280 as a speculative move before the European Central Bank meeting is still possible, but this could also result in a divergence with the oscillator.

But for now, there is a slightly higher probability of the price moving into the range of 1.1085-1.1140 for a few days, where it can be in a more comfortable state according to the oscillator's readings.

In the 4-hour chart, the Marlin Oscillator reduces the range of fluctuations, bringing the price to a balanced state. To lessen the bullish sentiment, the price should drop below the MACD line, under the level of 1.1140. If the price remains above 1.1140, the probability of a rise to 1.1280 will increase.

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