FX.co ★ Forecast for EUR/USD on January 17, 2022

The euro fell by 40 points on Friday, probably on the first profit-taking from long positions made since January 7. The price found support at the target level of 1.1415. Today is a national holiday in the US, so we are waiting for a slight consolidation of the euro at this level and a continuation of growth from Tuesday. The Marlin Oscillator will decrease a bit more during the waiting time, discharge from the weak overbought zone and continue, according to the main scenario, growth. The goal is 1.1570 - the January 2019 high. The upward trend will be broken only when the price overcomes the support of the MACD indicator line - 1.1310.

The price develops directly at the technical level of 1.1415 on the four-hour chart. Consolidating above it will be a sign of further growth. At the same time, the Marlin Oscillator should confirm the growth by returning to the positive area. Then the output of the signal line of the oscillator observed now in the negative area will be interpreted as a false movement, which may strengthen the upcoming growth. The first signal that "something is wrong" with the growth will be the price crossing the MACD line, below the 1.1368 mark.