FX.co ★ Forecast for EUR/USD on January 16, 2024

EUR/USD

Euro opened the day with a decrease, causing technical indicators to decline. However, data on inflation in the eurozone and production and trade in the US will come out tomorrow, so today's movement may not be indicative of the market's intention to develop any particular movement.

Although the pair tends to move towards the supports of the MACD line and the target level of 1.0825 on the daily chart, today's white candle changes the situation. Traders better wait for the market's reaction to the release of US data on Wednesday.

On the four-hour chart, the pair fell below the balance line, and the Marlin oscillator settled in the area of a downward trend. The candle today will likely be black, with the price moving in the direction of the nearest support level of 1.0905. The catalyst will be an increase in unemployment in the UK.