Forecast for EUR/USD on May 13, 2020

EUR/USD

Yesterday, the euro added more than 40 points after a reversal from the lower limit of the accumulation range of 1.0767-1.0995. The signal line of the Marlin oscillator has penetrated into growth territory, but before the euro, if the single currency decides to continue growing, there are many strong resistances ahead. The first resistance is the indicator line of MACD on the level of 1.0900. A little higher, at 1.0930, is the price channel line, and even higher, at 1.0995, is the upper limit of the price range of a broad consolidation.

The euro is complicated to grow; it needs strong fundamental conditions. The condition for the decline is that the price falls below the lower limit of the accumulation range of 1.0767. The first goal is to support the price channel around 1.0590.

On the H4 chart, the price is higher than both indicator lines, and Marlin is in the growth zone. The return of the price under the MACD line (1.0820) is the first sign of the euro’s desire to develop a downward movement. But we continue to wait for developments.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for EUR/USD on May 13, 2020