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

EUR/USD:

On Tuesday, the euro dipped below the lower range of 1.0692-1.0738, closing exactly at the level of 1.0692. It seems that the euro did not consolidate below this level, as we expected. The common currency feels comfortable in a sideways movement.

In the end, we expect the price to consolidate below 1.0692 and fall further towards the nearest line of the higher (monthly) chart's price channel, around the 1.0610 mark. The Marlin oscillator is still persistently moving upwards, so the sideways movement continues.

On the 4-hour chart, there are signs of sideways movement: the price's reluctance to consolidate below the MACD line, the price being wound up around the 1.0692 level, and the signal line of the Marlin oscillator winding up around the neutral zero level. Of course, there is still an alternative scenario. To implement it, the price must close above the upper limit of 1.0738 in the daily chart. In this case, the euro will continue to rise towards the target of 1.0804.