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

EUR/USD

As a result of yesterday, the euro fell slightly, jumping to the resistance level of 1.0924 with its upper shadow. The bears showed strength, but the bulls also showed persistence. Similar price spikes to the upside have been happening for three consecutive days. The signal line of the Marlin oscillator starts to turn upward.

Apparently, the price will stay in the 1.0865-1.0924 range, consolidating below the MACD line (blue moving average). We generally have a downtrend, so if the price breaches the support level at 1.0865 again, it can also aim for 1.0834.

On the four-hour chart, the price and the oscillator have made something similar to a double convergence. In the first stage, consolidating above the MACD line (1.0889) will allow the price to aim for 1.0924. Then, the price may try to overcome the MACD line on the daily chart (1.0942). But for now, the sideways movement has a bigger chance.