Forex Analysis & Reviews: Forecast for EUR/USD on June 10, 2021

EUR/USD
Yesterday, the euro was growing at the moment by 46 points, but the final daily growth was 8 points - investors were waiting for today's decision of the ECB on monetary policy and the US CPI indicators for May. The forecast for the general CPI is 4.7% y/y against 4.2% y/y in April, the core CPI is expected to be 3.4% y/y against 3.0% y/y a month earlier. Investors, of course, are waiting for an increase in inflation indicators, so the EUR/USD pair is visually preparing to move out of the accumulation range to the downside. The likelihood of a triple divergence is still there, as news from the ECB will be released first.

But in general, whether another price surge will take place or not, we are waiting for the euro to reach the target level of 1.2051. Surpassing the level makes way for the 1.1925 target - the lower border of the rising price channel.

On the four-hour scale, the price turned downward from the MACD line yesterday, piercing it. This is still a sign of a further decline in prices from current levels. The Marlin oscillator is breaking into a downward trend zone.

Analysis are provided by InstaForex