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FX.co ★ Forecast for EUR/USD on May 14, 2024

Forecast for EUR/USD on May 14, 2024

EUR/USD

As expected, the main risk indicator – the stock market – declined yesterday (S&P 500 -0.02%), although it had mixed results (Russell 2000 0.29%). However, contrary to expectations, oil and copper – indicators of the real sector sentiment – gained. As a result, the euro reached the magnetic point at the intersection of the 1.0796 target level and the MACD line. It began today's session with a decline.

Forecast for EUR/USD on May 14, 2024

If the price manages to consolidate above the reached level, the euro will start a new phase of growth towards the target of 1.0905. Nevertheless, technical indicators still point to the single currency's weakness and the end of the corrective growth that started on April 16. Visually, the Marlin oscillator moves downwards. The main scenario follows that the price will return to the support at 1.0724 and then to 1.0636/56.

Forecast for EUR/USD on May 14, 2024

On the 4-hour chart, the price slightly pulled back from the level of 1.0796, and the Marlin oscillator is trying to exit the positive territory. The first signal that indicates the euro's intention to develop a downward movement is when the price overcomes the support of the MACD line at 1.0765.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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