12.02.202406:01 Forex Analysis & Reviews: Forecast for EUR/USD on February 12, 2024

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EUR/USD

After a reversal from the support at 1.0724, the euro continues to rise for the 5th day, as it moves towards the target level of 1.0825, which is near the upper band of the local descending channel on the daily scale.

The bodies of the observed white candlesticks are small, indicating an apparent corrective nature of this growth. If the price manages to consolidate above the MACD line (1.0876), the bulls will have a basis to support a stronger rise, for instance, into the range of 1.0966-1.1001. The Marlin oscillator is still progressing in negative territory, although its rise is fast.

We are also keeping an eye on the S&P 500, which reached the target level of 5028 on Friday, and there is also a risk of a reversal from this level. If it continues to rise, the next target will be the upper boundary of the global hyperchannel in the target range of 5101.50-5120.00, where the risk of a reversal will increase significantly.

On the 4-hour chart, the price has settled above the MACD line, and Marlin is growing in the uptrend territory. The price could reach the nearest target of 1.0825.

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