FX.co ★ Forecast for EUR/USD on May 12, 2023

EUR/USD

The market is tired of playing cat and mouse with investors and did what it had to do according to the main scenario – it reached the support level of 1.0908 – the embedded line of the global descending price channel. Automatically, the price ended up below the MACD indicator line (daily), this helps the price in consolidating below the support level. Next, the price can extend the downward movement, the target will be 1.0804.

Since the price has reached a strong level, and today is Friday, traders may close their short positions and the day will end with a white candlestick. We are waiting for next week's main events.

A convergence of price with the oscillator has formed on the four-hour chart. It supports the correction scenario for today. A moderate correction is possible up to 1.0967 (May 5 low).