08.05.202405:04 Forex Analysis & Reviews: Forecast for EUR/USD on May 8, 2024

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EUR/USD

Yesterday, the currency market did not see any compelling reasons to increase risk appetite and, although stock markets were rising, it retreated from Monday's highs. The euro declined by 15 pips. The situation from Monday repeated itself – the price fell from the balance indicator line. The correction that started on April 16 has likely ended, and now the euro is preparing to resume the decline in the medium-term.

Once the price breaches the nearest support at 1.0724, it may reach the target range of 1.0636/56. Next, we're waiting for the price to breach the range and the pair to fall towards the target level of 1.0567. At the moment, the Marlin oscillator is holding back the downward movement – its reversal looks uncertain.

On the four-hour chart, the MACD indicator line approached the support at 1.0724. This is probably the reason for the potential slowdown in the decline, since the level received support. In addition, the signal line of the Marlin oscillator reached the boundary of the downtrend territory. A good reason is needed to breach the support. Today, the speeches of three FOMC members (Jefferson, Collins, Cook) and the auction of $42 billion worth of 10-year US government bonds could provide impetus.

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