Forex Analysis & Reviews: Forecast for EUR/USD on August 23, 2022

The euro did not linger in consolidation at 1.0020 on Monday and, as it falls, reached the next bearish target level of 0.9950. Now the next target (0.9850) is open. The reason for this was serious fears (over the past month) regarding the global recession. The German stock index DAX fell by 2.32%, the US S&P 500 by -2.14%.

The price settled under the target level of 0.9950 on the four-hour chart. Apparently, the price will rest a bit under this level, consolidate, and then continue to decline.

Business activity figures for the euro area for August will be published today - negative forecasts: Manufacturing PMI is expected to fall from 49.8 to 48.9, Services PMI may drop from 51.2 to 50.5.

*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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