FX.co ★ Forecast for EUR/USD on May 18, 2023

EUR/USD

Yesterday, the euro closed the day lower by 22 points, falling just below the target level of 1.0804. The Marlin oscillator's signal line has momentarily stopped falling, so this support may not even work out today. There's a possibility of a sideways price movement, as we mentioned earlier.

On the four-hour chart, a price convergence with the Marlin oscillator has formed. Without obstructing the downward linear regression channel, the price can still rise to the upper limit of 1.0873.

Without violating the main bearish scenario, the price can develop a correction up to the MACD line around the 1.0900 mark. Falling below the 1.0804 level can push the pair to fall even further to 1.0736 or just a bit higher to the embedded price channel line around 1.0750.