23.10.202405:13 Forex Analysis & Reviews: Forecast for EUR/USD on October 23, 2024

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The European currency's downward trend is being exhausted to the last drop. The price aims for a complete test of the target support at 1.0777.

However, we do not expect the price to move towards the 1.0724 support, as the Marlin oscillator is turning upward, and the 1.0777 level appears stronger than 1.0724. In the best case for the bears, we might see a false breakout of the nearest support.

On the four-hour chart, a convergence has reformed. If the price breaks through the MACD line around 1.0822, it will confirm a reversal towards the target level of 1.0882.

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