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

EUR/USD

On Friday, the euro fell by 35 pips. The balance indicator line (red moving average) acted as resistance on the daily chart, and this morning, the price tested the support of the MACD line. Consolidation below this line with the price breaching the support level at 1.0924 paves the way to the next target at 1.0865.

It's highly possible that the bulls have not yet exhausted their strength for a reversal, so today will be indicative. If the day closes with a white candle, this alone can be considered a signal for further growth towards 1.1012. Overcoming this level will extend the rise to 1.1048. A corrective move might extend to 1.1096.

On the four-hour chart, the price has already surpassed the MACD line and settled below the balance line. The Marlin oscillator is descending within the bearish trend. In general, we have a downtrend, but the key element here is the support level at 1.0924. Returning above the MACD line and firmly trading within that area will show that it was a false breakout.