24.04.202404:45 Forex Analysis & Reviews: Forecast for EUR/USD on April 24, 2024

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.

EUR/USD

Yesterday, the euro rose by 47 pips while risk assets were up across the market: stocks, commodities, and bonds. The single currency surpassed the signal level of 1.0696, and the Marlin oscillator broke through the linear resistance, as it continued to rise towards the boundary of the bullish territory.

The euro likely aims to consolidate above 1.0724 in order to reach the target level of 1.0796. Here, the price may also encounter the MACD indicator line and reverse downwards. If the price manages to settle above the level of 1.0796 and the MACD line, then the euro will rise to 1.0905. This is an alternative scenario.

On the 4-hour chart, the price has already settled above the intermediate level of 1.0696. The Marlin oscillator continues to move sideways within a narrow range, and this is the only sign that suggests that the price may not consolidate above 1.0724, ending the corrective rise. However, overall, the upward trend is strong, and most likely, the price will test the intermediate level of 1.0757.

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.