FX.co ★ Forecast for EUR/USD on February 13, 2024

EUR/USD

Yesterday, the euro did not reach the 1.0825 target, hindered by investors' flight to safety in the broader market; the S&P 500 lost 0.09% (although overall, stock markets closed mixed), and the yield on US government bonds edged down slightly.

Perhaps the single currency will not rise further, say, to 1.10. Currently, the euro is falling within a medium-term descending channel, staying below the balance and MACD indicator lines with a declining Marlin oscillator. If the price hits the nearest target of 1.0724, and consolidates below it, then the euro will continue to fall to the second target of 1.0632 – to the low of September 14, 2023. We expect the pair to continue its downward movement.

On the 4-hour chart, the price has returned below the MACD line but currently feels uncertain there, as the Marlin oscillator has not yet left the growth territory. Perhaps it will do so when the price surpasses yesterday's low of 1.0757.

Today, the US will release figures for its February's Consumer Price Index (CPI). This is the main agenda of the day, as this may influence the Federal Reserve's attitude toward monetary policy.