FX.co ★ Forecast for EUR/USD on February 16, 2023

Euro has once again broke the support level of 1.0660 after coming from a weekly consolidation. This indicates the determination of the market; thus, it is likely that there will be another breakdown of the support level today.

The price could also decline to the target level of 1.0595. A consolidation under it will open the way to 1.0470.

The signal line of the Marlin oscillator is completing. There is a consolidation in the negative area (grey rectangle on the chart), and after it there will be a breakdown of the signal line.

On the four-hour (H4) timeframe, price has consolidated under the balance line, while the Marlin oscillator consolidated in the downward trend area. The situation on both timeframes is bearish, so there is a high chance that they will approach the target levels.