Forex Analysis & Reviews: Forecast for EUR/USD on March 23, 2021

EUR/USD
In yesterday's correction by closing the gap from the opening of trades, the euro overdid it a little, forming a white candlestick of 50 points, while other currencies were limited only to closing the gap. The price decided to work out the resistance set by the February 5 low and the correction was 62% from the March 18 high. The Marlin oscillator is developing in the negative area on the daily chart. Now we are waiting for the euro to fall to the first target level of 1.1800 - to the low on November 23, 2020.

The balance indicator line kept the price growing on the four-hour chart. Marlin slightly went into the growth zone, but with general reversal moods, it can quickly return back to the negative half. The MACD indicator line looks loose, playing the role of a technical shaft, on which the price is wound. Nevertheless, being able to settle below it, under 1.1880, may become a working signal of the consolidated downward trend in the short term.

Analysis are provided by InstaForex