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17.04.202405:07 Forex Analysis & Reviews: Forecast for EUR/USD on April 17, 2024

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EUR/USD

Yesterday, the euro attempted to return to the range of 1.0636/56, but the bears were stronger, and eventually the price settled below the range. The signal line of the Marlin oscillator is turning upwards on the daily chart, prompting the price to make another attempt to penetrate the range.

However, the target support at 1.0567 is already close, so the euro may test it before embarking on a corrective rise into the mentioned range. In this scenario, it will stay in the range of 1.0636/56. On the 4-hour chart, the price is consolidating below the range of 1.0636/56 while the Marlin oscillator is rising.

If the oscillator continues to exert pressure and it enters the positive zone, the price may attempt to break above this range for a corrective rise. The bullish target is the level of 1.0724, which is near the MACD line. If Marlin turns downwards from the zero line, the price will continue to fall towards the target support at 1.0567.

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