16.11.202204:58 Forex Analysis & Reviews: Forecast for EUR/USD on November 16, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On Tuesday, the euro made a desperate attempt to rise, reaching the target level of 1.0470 (April low), after which the price returned to the level of 1.0360. Now we have only one thing left - to wait another day to let the price decide - whether to repeat the attempt at growth, or settle under 1.0360 and return to 1.0205 and then to 1.0100/20.

From a purely technical point of view, the euro has outlined a reversal, as the Marlin Oscillator tells us.

The influence of the oscillator is increasing on the four-hour chart - a divergence with the price has been formed. With the transition of the signal line of the oscillator into negative territory, the pressure on the price will increase even more. But we are waiting for the price to settle under 1.0360.

The immediate support at 1.0205 will soon be strengthened by the MACD indicator line, as it approaches it. Here the medium-term direction of the price will be decided.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.