Forecast for EUR/USD on June 4, 2020

EUR/USD

Yesterday, the euro reached the target range of 1.1250/65 and today, with the support of the Marlin oscillator turning down, it is ready to head for a correction. The purpose of the correction is the embedded line of the price channel in the region of 1.1133. Consolidating the price below it opens a deeper target 1.1019 (May 1 high). If the price goes above the upper boundary of the target range of 1.1265, the second bullish target at 1.1342 will open.

The divergence on the Marlin oscillator still formed on the four-hour chart (yesterday we questioned the formation of this reversal pattern). Target level at 1.1133 coincides with the MACD line, which it is aiming for. Working out this correction level is our main scenario.

Exchange Rates 04.06.2020 analysis

Source: Forecast for EUR/USD on June 4, 2020

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