Forex Analysis & Reviews: Forecast for EUR/USD on July 6, 2022

The euro fell 158 points yesterday, leaving the nearest support at 1.0340 far behind. The decline in the euro was qualitative - the fall occurred in all major stock exchange values: Dow Jones -0.42%, EuroStoxx50 -2.68%, oil -8.34% (WTI), the yield on 5-year US government bonds decreased from 2.91 % to 2.82%.

The fall in the Eurozone Composite PMI for June from 54.8 to 52.0 added to this. Obviously, the price is now facing the 1.0170 target. We are waiting for a correction from this level, and then again a decline to a new bearish target of 1.0020. The price fell with a reversal from the MACD indicator line on a four-hour scale. The price settled under the level of 1.0340. The Marlin Oscillator is rising slightly correctively, after which it will be ready to continue the decline along with the price.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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