16.05.202305:00 Forex Analysis & Reviews: Forecast for EUR/USD on May 16, 2023

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EUR/USD

On Monday, the euro went through a calm correction after sharply falling in the last two days. On the daily chart, there is no sign of the end of the correction, so it could continue to the resistance line of the price channel at the 1.0900 mark. It is possible to overcome this line, and then the price will be stopped by the MACD indicator line, located 15 points higher.

Then the price could reverse into a new wave of decline with the nearest target of 1.0804. On the 4-hour chart, the accelerated growth of the Marlin oscillator catches the eye.

This could be a sign of oscillator discharge before further subsequent decline, or the euro is waiting for a more complex correction from the new local low with the formation of convergence, as shown on the chart with dashed lines. Perhaps, until the end of the month, the euro will spend in a sideways wide-range.

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