empty
 
 
08.02.2023 04:58 AM
Forecast for EUR/USD on February 8, 2023

Yesterday, the euro consolidated under the MACD indicator line on the daily chart. It nearly closed the day at the opening level, but the shadows worked out the target levels of support and resistance. However, the lower shadow did not reach 1.0660, but it is possible to be mistaken in calculating the level. The main thing is that the upper shadow has retested the MACD line, thus meeting the minimum technical requirement for renewing the downtrend, to the next target support at 1.0595.

This image is no longer relevant

The signal line of the Marlin oscillator is reversing upward, which may be a sign that price will once again return to the 1.0758/87 range. Probably, with an attempt to go above it (a false breakout).

This image is no longer relevant

On the four-hour chart, the price rolled back a bit after crossing 1.0758, now it is trying to break through the range again. The ascending Marlin oscillator is helping it in this process. But the oscillator, when it reaches the zero line, will get weaker, so the price, once again feeling the strength of the resistance, will turn down.

If Marlin, after all, penetrates into the green zone, the price will climb above 1.0787, and the growth will end at the last line of the bears' defense at 1.0840, the MACD line.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback