Forex Analysis & Reviews: Forecast for EUR/USD on February 17, 2021

EUR/USD
Yesterday, the euro failed to take the opportunity to reach the 1.2190-1.2272 range. The excellent European ZEW Economic Sentiment did not even provide support to the euro, which grew from 58.3 to 69.6 while expectations were at 59.2, and the GDP for the fourth quarter showed a decline of -0.6% against the forecasts at -0.7%. But investors were happy with the growth of activity in the manufacturing sector in New York, which showed an increase from 3.5 to 12.1. As a result, the euro lost 23 points in a day.

Today, investors have more serious reasons for strengthening the dollar: retail sales for January are forecast to grow by 1.1%, industrial production is expected to grow by 0.5%.

The price moves back down below the MACD indicator line on the daily chart, while the Marlin indicator also returns to the downward trend zone. Now the price is facing the 1.1870-1.1915 target.

The price also goes under the MACD line on the four-hour chart, while Marlin has already consolidated in the zone of negative values. We look forward to further weakening of the euro.

Analysis are provided by InstaForex