Forex Analysis & Reviews: Forecast for EUR/USD on February 20, 2024

EUR/USD
The euro is starting to form a bearish reversal exactly along the cyclical line with a period of 9 daily bars. The upper line of the descending price channel is still undeveloped, but this option is also acceptable during reversals.

The signal line of the Marlin oscillator is also turning down without reaching the zero line, but at the same time it is sensitive to the upper resistance line. The final confirmation that the euro will fall is when the price breaches the support at 1.0724. After that, the target will be 1.0632.

On the 4-hour chart, the first signal for a downward movement is when the price falls below the MACD line (1.0763). It is very likely that at this moment, the Marlin oscillator will enter the downtrend territory. This will be a good pattern for creating the momentum to reach the support at 1.0724.

Analysis are provided by InstaForex

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