FX.co ★ Forecast for EUR/USD on February 8, 2024

EUR/USD

On Wednesday, against the backdrop of weak eurozone data, investors returned to risk buying, causing the euro to rise by 17 pips. The S&P 500 stock index rose by 0.82%, and oil prices were up by 0.91%. Although the US government sold a record $42 billion of 10-year notes at a lower-than-anticipated yield, the bond market remained almost unchanged. Once again, we find ourselves facing the euro chart with no external clues.

The chart shows an upward movement and defines three nearest targets: 1.0825 (support on November 15-17), 1.0844 - weak resistance at the upper boundary of the price channel, 1.0878 - resistance at the MACD indicator line. If the price consolidates above the MACD line, it will signal the euro's intentions, with the first target being the range of 1.0966-1.1001 (peak on January 11).

On the 4-hour chart, the price is gathering strength below the MACD line. The Marlin oscillator has entered the uptrend territory, helping the price overcome the MACD line (1.0788). Overcoming it will open the first target at 1.0825.