Forex Analysis & Reviews: Forecast for EUR/USD on May 18, 2021

EUR/USD
The euro is still hesitant to turn around. Now it clearly shows an intention to form a double divergence with the Marlin oscillator. The upward potential is up to the upper border of the price channel around 1.2238. The level may not be reached.

The current situation is completely upward on the four-hour scale - the price is rising above the balance and MACD indicator lines, the signal line of the Marlin oscillator turned upward from the zero line (arrow). Exit of the price above 1.2177 will mark the beginning of the formation of a double divergence, moving under the MACD line (1.2102) will indicate a downward trend reversal.

Analysis are provided by InstaForex