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

The euro continues slow corrective growth. The Marlin Oscillator on the daily chart is growing with a noticeable lead of the price, which is a sign of an imminent downward reversal in the price and the oscillator. The target resistance level is 1.0493. It is very likely that the price will go above the level and get stuck in the consolidation range of the first decade of May. From the range, we are waiting for the price to turn into a new wave of medium-term decline.

On the four-hour chart, the Marlin Oscillator is being introduced into the zone of positive values, thus the price receives support for a short-term growth. The first resistance is the MACD line (1.0473), slightly above it is the target level of 1.0493.