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

The euro rose 45 pips on Monday, breaking through the resistance level of 1.0660. The signal line of the Marlin oscillator tries to move into the area of the uptrend. Yesterday, I mentioned a possible false breakout above the target level, and right now there are conditions for the price to fall below 1.0660, first of all, it is a possible reversal of the Marlin from the zero line to the downside.

If these don't stop the euro's correction, it could result in a target range of 1.0758/87.

On the four-hour chart, the price forming a divergence with the oscillator also indicates the probable end of the correction. This will be confirmed once the price settles below 1.0660.

We can only talk about bringing back the downward movement in the medium-term once the price breaks through the MACD line and the support level of 1.0595. However, the price is not in a hurry, because the US employment data will be released on Friday.