15.05.202405:21 Forex Analysis & Reviews: Forecast for EUR/USD on May 15, 2024

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EUR/USD

Yesterday, the market experienced significant false movements across major currencies and stock markets. Overall, the dollar index lost 0.20%, while the euro rose by 30 pips. The price climbed above the MACD line and the target resistance of 1.0796. The Marlin oscillator continues to rise within a narrow channel, which on one hand, shows its determination to reach the overbought zone, but on the other hand, indicates the possibility of a sharp price drop with such a pattern.

The euro could reach 1.0905, but the growth is still part of a correction, so the price can still fall. The correction will end once the euro returns to the area below 1.0796 and consolidates there, allowing the price to continue its medium-term decline, potentially updating the April 16 low. The price also faces intermediate target levels: 1.0724, and 1.0636/56 on its way.

On the 4-hour chart, the Marlin oscillator is moving sideways within a narrow range, indicating potential weakness. Yesterday, the price rebounded upwards from the support of the MACD line, so if the price consolidates below this line (1.0782), which is currently quite strong, the bears could directly attack the target of 1.0724. Therefore, although the euro can reach the target of 1.0905, it can still fail due to the weakness of the upward trend.

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