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

Despite the euro's attempt to rise yesterday (closing the day with a growth of 45 points), the reversal of the price's technical features only intensified. The Marlin Oscillator starts to accelerate downwards after the reversal on the daily chart. The price subtly senses the 1.0360 level, as a result, settling below it opens the 1.0205 target. But a decline to 1.0205 or below would still be corrective.

To change the trend, the price should go under the MACD indicator line, which is now very deep for the price - in the range of 0.9864-0.9950. At the same time, the MACD line itself turned into growth, which will make it difficult and complicate the development of the expected reversal.

Marlin has not yet consolidated in negative territory on the 4-hour chart, which retains the potential to create a divergence, that is, another attempt to overcome 1.0470. The MACD line is approaching the support of 1.0205 and will soon break above it. The level is strengthening, so its breakthrough will be the first possible signal for price to overcome the MACD line of the daily chart. We are waiting for any more stable signals and signs.