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09.02.202407:09 Forex Analysis & Reviews: Forecast for EUR/USD on February 9, 2024

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EUR/USD

Yesterday, the euro attempted a bearish breakthrough but quickly returned to its initial positions, ending the day with a 5-pip gain. We're waiting for progress, probably until the 13th, which is when the US inflation data for January will be released.

Technically, the waiting mode is working in a downward vector, as it brings it closer to the upper boundary of the descending price channel. With the Marlin oscillator in negative territory, there is a good chance that the price could fall from this level. Overcoming the support at 1.0724 will be a crucial condition for such a decline. The nearest target is 1.0632.

On the 4-hour chart, yesterday's downturn occurred from the MACD line. This line stopped the price from returning. Marlin is currently in the positive territory, but this may not last long. For a bullish breakthrough, the price must consolidate with yesterday's high at 1.0789, which is also slightly above the MACD line. The bulls are aiming for 1.0825.

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