FX.co ★ Forecast for EUR/USD on November 12, 2021

For yesterday and this morning, the euro reached its target - the 1.1420/48 range. Our main scenario assumes a price reversal from this range to the upside in case a convergence reversal forms with the Marlin Oscillator on the daily scale chart. Consolidating below the lower border of the 1.1420 range may cancel the main scenario and reveal an alternative - continuing movement towards the 1.1300 target - to the August 2018 low.

There are no clear signs of a price reversal on the H4 chart. The Marlin Oscillator is flat, but this is not a clear sign of a reversal, it is weak. If it does take place, then not immediately, after a moderately dynamic struggle in the area of the achieved levels. Today will not provide an answer to the question of choosing the price's succeeding direction, confident technical signals will only be formed next week.