FX.co ★ Forecast for EUR/USD on May 9, 2019

EUR/USD

On Wednesday, the euro worked a magnetic point of intersection of the MACD line with a Fibonacci level of 100.0% on the daily scale chart, which fulfilled our main scenario. The euro resisted external pressure due to better-than-expected industrial output in Germany, where the March indicator showed a 0.5% increase against the forecast of -0.5%. The signal line of the marlin oscillator, which did not reach the boundary of the growth zone, turned down. The reversal of this line from the border occurred on the four-hour chart. Also on H4, the price went below the support of the MACD line. Now the price has to consolidate below the Fibonacci level of 110.0% (1.1155) and move further down to the level of 123.6% at 1.1075.