FX.co ★ Forecast for EUR/USD on February 17, 2023

Although euro is declining lesser than other currencies, its trend is still bearish. It was able to hold onto the support level of 1.0660 yesterday, but this morning it opened with a breakdown of this level.

It seems that the signal line of the Marlin oscillator is trying to break out of its own consolidation downwards. If that happens, the level of 1.0595 could be hit, and this will open the way to 1.0470, which is also the low of April 28, 2022.

On the four-hour (H4) timeframe, the pair is struggling at the support level of 1.0660. The Marlin Oscillator is already deep into the downtrend, so it is likely that the quote will hit the first target level of 1.0595 (top on December 5, 2022) soon.