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

EUR/USD:

The euro has finally managed to break away from the MACD indicator line on the daily chart. Yesterday, there was a rebound from the embedded line of the green price channel, and the price settled above it.

The Marlin oscillator is still in a sideways movement, but we expect it to turn upwards. The price can also reach the target set by the Fibonacci retracement level at 1.0769. This level also corresponds to the high on September 12. Today, the U.S. will publish the CPI in the October estimate, with a forecast of 3.3% YoY compared to 3.7% YoY in September. A decrease may suggest that the Federal Reserve will finally abandon the idea of further rate hikes.

On the 4-hour chart, the price continues to progress above the MACD line but still below the balance line. The objective is to consolidate above it. This is likely to happen when the price consolidates above yesterday's high. The Marlin oscillator is pressing against the border of the bullish territory. Soon it will join more effective support.