FX.co ★ Forecast for EUR/USD on November 12, 2024

The euro has reached the target support level at 1.0636, the May 2023 low. While we have no doubts about the euro's medium-term decline, signs of a potential correction have re-emerged across two timeframes, evidenced by convergence with the Marlin oscillator.

However, considering the solid downward movement from November 6–11, momentum could break through the nearest technical support (1.0636, 1.0590). The convergence signal would be invalidated in this case, and the price would likely continue moving toward the 1.0385 target. A break below yesterday's low would confirm this scenario. The corrective scenario suggests a potential price rebound toward the 1.0724 resistance level.

The four-hour chart also shows convergence, which could push the price toward the 1.0724 resistance level and move the Marlin oscillator closer to the boundary of the upward trend. However, if the price consolidates below 1.0636, the euro is expected to continue its decline from current levels.