FX.co ★ Forecast for EUR/USD on November 19, 2024

During yesterday's 0.55% rise, the euro reached the target resistance level 1.0590. The Marlin oscillator signals a weakening of the corrective potential as it begins a smooth downward reversal.

The price may rise to 1.0636, but it is unlikely to go higher, as the strong and swift movement since November 6th has maintained momentum, particularly evident on the weekly chart.

A deep correction is not anticipated before the price reaches the target range of 1.0385-1.0420. The price must approach this range before the Marlin oscillator's signal line hits one of its support levels (-0.0450 or -0.0526). Otherwise, a mismatch between price and oscillator movements could complicate the market's dynamics.

On the four-hour chart, the Marlin oscillator slightly turns downward while the price hesitates at the 1.0590 level. The target at 1.0636 is further reinforced by the approaching MACD line, making it possible for the price to abandon its attempt to break higher altogether.

If the price rises above yesterday's high, a signal for growth will be confirmed, while a signal for decline will be established if the price consolidates below the nearest target level (1.0590).