Forecast for EUR/USD on November 19, 2020
Yesterday, the euro fell to Tuesday’s opening level, also trying to test the daily MACD line, and was unsuccessful at it. This morning the price touched the nearest support at 1.1830. The price must settle below this level in order to form a condition for it to decline further. The Marlin oscillator is moving to the downside, showing the price’s intent to overcome the achieved support.
Examining the situation on the four-hour chart fully reveals the importance of the moment. The Marlin oscillator is decreasing at a normal rate, not at an accelerated rate, as we mentioned yesterday, which creates the actual uncertainty of the price’s current state in the range of 1.1816-1.1904. The lower border can even be shifted lower to 1.1816, where the MACD line runs.
So, we are waiting for the price to settle below the MACD line, below 1.1816, afterwards the euro could fall to 1.1750. It is possible for the price to grow when it goes beyond the MACD line of the daily scale at 1.1904. The closest target will be 1.1940, getting the price to settle above the level opens the target range of 1.2010/40. The probability of such a scenario is 20%.
The material has been provided by InstaForex Company – www.instaforex.com