24.07.202404:55 Forex Analysis & Reviews: Forecast for EUR/USD on July 24, 2024

Relevance up to 22:00 2024-07-24 UTC--4

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EUR/USD

A few hours before the end of yesterday's trading day, the euro reached the intermediate support level of 1.0846. The Marlin oscillator's signal line is close to the downtrend territory's boundary.

This time may be spent solidifying positions below the level or directly at 1.0846. Subsequently, the price may continue to fall towards the target support level of 1.0788 or slightly lower to interact with the MACD line. On the 4-hour chart, the price is showing initial signs of consolidation within the support range of 1.0840/6.

A break below this range will enable the euro to fall further. However, since Marlin has moved quite deeply into negative territory, for a smooth decline of 60 pips, it might be advisable for the oscillator to unwind slightly (increase), which is conveniently done during the price consolidation.

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