FX.co ★ Forecast for EUR/USD on November 17, 2023

EUR/USD:

Yesterday, the euro traded within a range of just over 60 pips, ending the day on the price channel line. The price fell slightly short of the upper nearest target at 1.0905. Perhaps this is for the best, as it couldn't receive a stronger downward momentum from this level.

The price has not yet fulfilled the main task in preparation for the upward movement – it has not consolidated above the price channel line it is currently on. It can fulfill this task if it closes Friday with a white candle. We expect the main upward movement next week, with 1.0935/46 as the target.

If the price manages to consolidate below 1.0834, it will try to reach the Fibonacci lower ray at the 1.0780 level. This scenario has a chance, as the signal line of the Marlin oscillator continues to move towards the lower band of its channel.

On the 4-hour chart, the price is consolidating between the levels of 1.0834 and 1.0905. Here, the Marlin oscillator is in no hurry to move upwards, which indicates that the sideways movement will persist. The MACD line provides support to the Fibonacci ray (1.0780) on the daily chart. The main scenario is an upward movement.