FX.co ★ Forecast for EUR/USD on February 21, 2023

EUR/USD failed to break out of the support of the important technical level of 1.0660, continuing to consolidate under the indicator lines. The signal line of the Marlin oscillator is also sideways, but it is in a negative area, which keeps the downside potential.

Overcoming the level of 1.0660 will open the way towards the nearest target level of 1.0595. The success of that development will make the hike to 1.0470 possible.

On the four-hour (H4) chart, the pair is above the MACD line because its movement has only been sideways. The Marlin oscillator also continued its lateral movement along the zero line.

For the MACD line to help the pair, it needs to rise high enough (1.0710), preferably to consolidate above the balance line (red indicator). However, it is still under pressure, so market players should wait for the price to hit 1.0595.