01.02.202205:37 Forex Analysis & Reviews: Forecast for EUR/USD on February 1, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Yesterday, the euro jumped 84 points, bouncing off the 1.1121 level on Friday, probably from the April and May 2019 support area. The correction stopped at the balance indicator line of the daily scale. It is very possible that this growth is completed - the price reached support on December 7-17, 2021. There is one factor that indicates the likelihood of further growth - price convergence with the Marlin Oscillator. Moreover, there is convergence on the weekly chart as well. But the convergence has not yet been completed on both scales and, therefore, can be neutralized by further price reduction.

It will be possible to speak of a trend reversal after the price breaks above the target level of 1.1300, which will also mean that the MACD indicator line has been overcome.

The 1.1121 level itself is relatively weak, 1.1060 looks more solid - the high of December 2015, so we are waiting for the euro at this level. Crossing this level opens the way for a further decline to the target of 1.0910, the June 2016 low.

On the four-hour chart, the price also touched the balance indicator line and started a reversal from it. The Marlin Oscillator is also turning around. At the moment the trend is downward.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.