13.05.2024 05:33 AM
Forecast for EUR/USD on May 13, 2024


The euro edged down on Friday, failing to reach the target level of 1.0796. Perhaps this is a reversal, and the price may reach the support at 1.0724, but if risk instruments like oil and stock markets do not fall on Monday, which is unlikely since oil prices lost 1.74% (WTI) on Friday, there is still a chance.

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The Marlin oscillator is flat and is not in a hurry to lead events, probably because today's news calendar is practically empty. However, in the future, we expect the price to overcome the level of 1.0724 and move towards 1.0636/56.

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On the 4-hour chart, the price intends to fall below the MACD indicator line (1.0753). When this happens, the price may have the chance to reach the nearest target at 1.0724. Consolidation around 1.0724 opens up the target range of 1.0636/56, where the price briefly stayed on May 1st.

Laurie Bailey,
Analytical expert of InstaForex
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