FX.co ★ Forecast for EUR/USD on February 7, 2023

Yesterday, the euro managed to overcome the support of the 1.0758/87 target range as well as the MACD line, which has already been embedded. Now the nearest target is 1.0660, followed by 1.0595. The range of these levels represents the consolidation of December.

Traditionally, there is a correction after a sharp downtrend, afterwards, the pair will enter growth in the medium-term. It is possible for the pair to enter a bullish correction from the range of 1.0595-1.0660.

On the four-hour chart, the price has settled under the lower limit of the 1.0758/87 range, the signal line of the Marlin oscillator slightly turned up, and this range will probably be tested. I expect EUR/USD to fall further.