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24.02.202305:07 Forex Analysis & Reviews: Forecast for EUR/USD on February 24, 2023

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On Thursday, the euro showed some volatility, not being able to break away from the target level of 1.0595. This morning, the quote is also fluctuating near that level, but the Marlin oscillator started reversing upward, so it might correct to the resistance at 1.0660. If the price finds the strength to settle under 1.0595, then next week we can expect a hike to the target level of 1.0443/70.

Exchange Rates 24.02.2023 analysis

On the four-hour chart, the nearest resistance to the corrective growth is the MACD indicator line (1.0622). Once it overcomes this line, we can expect further price growth. The Marlin oscillator, which has come out of its own descending channel upwards, counts on the bulls' potential success.

Exchange Rates 24.02.2023 analysis

There is a traditional nuance - a false exit of the examined line beyond the boundary of the geometrical construction, so we're waiting for the development of events with the formation of confirming signs, both for bulls and bears.

Laurie Bailey
Analytical expert of InstaForex
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