FX.co ★ Forecast for EUR/USD on August 9, 2023

EUR/USD

Yesterday's movement from the level of 1.1012 down to the support level at 1.0924 prevented the euro's attempt at a breakthrough. The support, reinforced by the MACD line, pushed the price higher. And so the single currency continues to move higher in today's Asian session. The Marlin oscillator is also recovering its upward momentum.

Overall, the price is working on solidifying the range between the mentioned levels. Accordingly, a breakout and consolidation above 1.1012 would allow the price to accelerate its growth towards the nearest target at 1.1068/92. If the price drops below 1.0924, it could accelerate the decline towards 1.0865. The advantage is in favor of the bullish scenario.

On the four-hour chart, the price is in a completely downward position. Just like on the daily chart, the price failed to overcome the resistance of the MACD line twice. The only difference is that on the daily chart, the MACD line acts as support. There are no contradictions here, and the advantage lies with the higher timeframe. On the 4H chart, the Marlin oscillator is already close to transitioning into the growth territory.