13.08.202408:40 Forex Analysis & Reviews: Hot forecast for EUR/USD on August 13, 2024

Although the market situation has remained unchanged overall, the dollar weakened a bit. However, the scale of movement is relatively insignificant. Instead, it indicates the general sentiment regarding further weakening the U.S. currency, especially considering that tomorrow's U.S. inflation data might show a slowdown in the growth rate of consumer prices from 3.0% to 2.9%. Thus, the dollar will likely continue its purely symbolic movement toward further depreciation today.

The EUR/USD pair is moving between the levels of 1.0900 and 1.0950, indicating a characteristic stagnation in the corrective cycle.

On the 4-hour chart, the RSI technical tool has rebounded from the 50 midline, indicating an increase in the volume of long positions.

Regarding the Alligator indicator on the same time frame, the moving average lines point upwards again. However, due to the current stagnation, the indicator may be unstable.

Expectations and Prospects

Based on the theory of accumulation of trading forces, it can be assumed that a breakout beyond one or another border of the stagnant phase could lead to a surge in speculative activity. For this reason, the breakout method is considered the most optimal tactic, with the confirmation of consolidation in at least a four-hour period.

Comprehensive indicator analysis points to an upward cycle for the short term, while indicators are unstable due to stagnation in the intraday period.