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16.05.202206:04 Forex Analysis & Reviews: Forecast for EUR/USD on May 16, 2022

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The euro continues to correct the consolidation type above the target level of 1.0340. The price may rise further, continue to move sideways, as the convergence with the Marlin Oscillator continues to proceed, but then we are waiting for the price to move below 1.0340 and further move to the target level of 1.0170 (January 2017 low).

On the four-hour chart, the Marlin Oscillator is rising ahead of the price. This creates an accelerated discharge of the oscillator, presumably for a further decline into the oversold area. A downward price reversal is possible when the oscillator signal line reverses from the border with the growth territory, when the price touches the MACD indicator line (1.0455). We are waiting for the development, and in particular the formation of any reversal signs.

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