Forex Analysis & Reviews: Forecast for EUR/USD on July 12, 2022

The euro fell by 146 points on Monday and almost reached the target level of 1.0020. The Marlin Oscillator has shown a small reversal from the oversold zone and the price is close to correction, but if the target level of 1.0020 is overcome, then the bears' last effort may reach the target of 0.9950. Further, a correction to the area of 1.0100/70 is likely.

A more aggressive price decline is possible, in this case, the price could reach the 0.9850 target, and then we are waiting for a correction to 1.0020. The main scenario is marked with dotted lines on the four-hour chart. According to this plan, the price will reach the nearest target level of 0.9950, the Marlin Oscillator will form a convergence with the price, and the correction will focus on the MACD indicator line (1.0170 or slightly lower).

Analysis are provided by InstaForex

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