FX.co ★ Forecast for EUR/USD on November 30, 2023

EUR/USD

Yesterday, the euro fell short of the target level of 1.1033 and tumbled down from the secondary level of three years ago (1.1019 - May 2020). The Marlin oscillator has left the ascending channel. However, there's still a possibility of growth due to the abolition of the channel since it has fulfilled its role. Now, the oscillator's decline is interpreted as its own correction.

Yesterday, Germany's CPI for November showed a decrease in inflation from 4.2% YoY to 3.0% YoY. Spain's CPI decreased from 3.5% YoY to 3.2% YoY. Other European countries also reported a decline in inflation. As a result, futures contracts for the European Central Bank rate incorporated a fivefold rate cut in the coming year. However, the euro reacted moderately, falling by 22 pips. This gives us a hint that the euro will fall on more important news.

On the 4-hour chart, the price rebounded from the support of the MACD indicator line. The Marlin oscillator has not left the growth territory. There are no signs of a reversal in the uptrend; we expect the pair to reach the first target at 1.1033. Next is 1.1096, the upper band of the descending price channel and the peak of April.