Forecast for EUR/USD on April 22, 2024

EUR/USD

Last Friday, the euro made a two-way shadow exit from both sides of the range between 1.0636/56, while keeping its body inside this range. In today’s Asian session, the price broke above the range, supported by the rising Marlin oscillator. The pair will likely start a corrective phase in the next few days.

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Considering the sharp rise of the oscillator, we don’t expect the corrective growth to last long. The level of 1.0696 – the February low – seems to be enough. If the growth slows down, the price could reach the range of 1.0696-1.0724. If the price returns below 1.0636 and settles in this area, it could reach the 1.0567 target. The price may even fall further and hit 1.0520.

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The situation on the 4-hour chart appears neutral. The price is progressing above the balance indicator line at the upper line of the 1.0656 range. The Marlin oscillator is moving sideways in the positive area. Under such conditions, the neutral trend is expected to change into an uptrend. We are waiting for the end of the corrective phase and the price to fall further.

The material has been provided by InstaForex Company – www.instaforex.com

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