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Forecast for EUR/USD on August 29, 2019

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On Wednesday, the euro fell by 13 points, reaching an important technical level of 123.6% of the Fibonacci level of the basic movement from September 24-November 12, 2018, consolidation under which opens the way to a decline to the next level of 138.2%, to the area of 1.0980.

Today in the Asian session, the price is slightly correcting upwards. The signal line of the Marlin oscillator remains in the negative zone.

<img src="/wp-content/uploads/2019/08/1613f9e1b9885e9eeed23fa67dacbdc8.jpg» />

On the four-hour chart, theMarlin is also in the decline zone, the price is developing below the indicator lines of balance and MACD, the last of which creates resistance at a price of 1.1100. Consolidating the price above this level will allow the correction to increase, perhaps the price will fall into the range of 1.1164/80, formed on the daily scale by the line of the price channel and the MACD line. The lower limit of the range coincides with the peak on August 26. The predominant option for further development remains downward, that is, with the price consolidation at 1.1074.

Origin: InstaForex

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