FX.co ★ Forecast for EUR/USD on July 14, 2023

EUR/USD

The euro gained 95 points yesterday and almost reached another target resistance level at 1.1237. It reached this target this morning. The bend in the signal line of the Marlin oscillator indicates a possible pullback after sharply rising for six days. If the price consolidates above 1.1237, it will open a new bullish target at 1.1320, but for now, we are waiting for a corrective fall to the nearest support level of 1.1155.

It's too early to talk about reversal prospects, but even if the reached level is the limit of this growth, it will not happen immediately, it's unlikely that a "rail" type figure will be formed as the market is very hot now. The market needs time to bring the MACD line and the price closer together. This could happen in the range of 1.1028/96, which would take about 10 sessions.

On the four-hour chart, there are also no clear signs of a reversal. The behavior of the Marlin oscillator indicates that the price is preparing for a correction, but not for a reversal. Even the MACD line is also far from the price. So, if the price finds the strength to consolidate above 1.1237, it can continue rising to 1.1320. If the price settles below 1.1155, it has a chance to prepare a fight with the support level at 1.1096, where the MACD line on the 4-hour chart is approaching.