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Euro Is Getting Lower and Lower

ByAndrey Goilov
Published 14/02/2023, 12:37

By mid February, the market major has got even deeper down. At the beginning of the week, it is mostly fluctuating near 1.0670.
 
The USD against the EUR is at its five-month high. This is because the market is anticipating the US CPI for January.
 
The Fed remains carnivorous about the interest rate, yet the statistics due tomorrow will provide even more understanding of further steps of the regulator. Investors are worried about possible growth of inflation that will let the Fed keep lifting the interest rate.
 
Thus, the beginning of the week is supporting the greenback.
 
On H4, EUR/USD is developing a wave of decline to 1.0575. Practically, a wide consolidation range is forming. After 1.0575 gets reached, a link of growth to 1.0685 is expected. Then a decline to 1.0360 should follow. Technically, the scenario is confirmed by the MACD: its signal line is heading strictly down and is getting ready for renewing the lows.
 
EUR/USD forecast
 
On H1, EUR/USD continues developing a consolidation range around 1.0685. Today a link of decline to 1.0655 has been performed. A technical test from below of 1.0685 is expected. Then the wave should continue to 1.0620. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is above 50. Growth to 80 is expected. Then a decline to 20 should follow.
 
EUR/USD forecast
 
Disclaimer
Any forecasts contained herein are based on the author's particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.

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