11.11.202405:03 Forex Analysis & Reviews: Forecast for EUR/USD on November 11, 2024

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The price has repeatedly pierced the 1.0724 support level on the daily chart but has failed to consolidate below it. A divergence has formed with the Marlin oscillator in its attempts to reach the target level of 1.0667.

The price might rise above the 1.0777 level again, even if the upward momentum does not fully develop. Overall, the trend remains bearish, as price movement is occurring below the indicator lines, and Marlin is still undecided about crossing into positive territory.

On the four-hour chart, the price has successfully consolidated below 1.0724. Now, it remains to be seen whether the price will reclaim this level and attempt to rise toward 1.0777. If the price shows no such intention, the target support at 1.0667 will likely be reached. The next target would be 1.0636, the May 31, 2023 low.

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