FX.co ★ Forecast for EUR/USD on October 12, 2023

EUR/USD

EUR/USD struggled, but managed to overcome the resistance level of 1.0613. The Marlin oscillator also continues to rise, with the target level of 1.0687 in sight.

US CPI data for September will come out, and a slight decrease in both the overall and core indices may be seen. These could boost counter-dollar currencies, as it may signal the halt to the Fed's monetary policy tightening.

On the four-hour chart, the pair trades above the level of 1.0613, but the Marlin oscillator moved down in a shallow trajectory, a sign of weakening before further growth. Wait for the pair to reach the first target level.

A breakdown will occur if the price falls below yesterday's low, returning under the Fibonacci retracement level. The target will be the support level of 1.0552, which will soon receive support from the MACD line. Breaking through 1.0552 may lead to a decline to 1.0483.