14.11.202405:13 Forex Analysis & Reviews: Forecast for EUR/USD on November 14, 2024

Relevance up to 21:00 2024-11-14 UTC--5

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As anticipated in yesterday's analysis, the Marlin oscillator's signal line has reached the October low at -0.0196, which is highly likely to be broken. A temporary pause in the oscillator may encourage the price to consolidate below 1.0590. However, the target range of 1.0449/83 is already open.

Today's Eurozone GDP data for Q3 is set for release, with a consensus forecast of a 0.4% increase. However, weak industrial production data for September, expected to show a decline of 1.3% m/m (-2.0% y/y), may temper optimism.

On the four-hour chart, the Marlin oscillator has slightly reshaped its wedge pattern but has not altered the overall situation. Since the price has already consolidated below 1.0590, the likelihood of a breakout downward from the wedge has increased. We expect the price to reach the indicated target range.

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