Forecast for EUR/USD on May 10, 2023
May 10, 2023 4:23 amVideo
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EUR/USD
Against the backdrop of yesterday’s expectations for today’s consumer price data, the euro fell by 44 points, as the forecast for the overall CPI represents a CPI unchanged from March at 5.0% YoY, and the core with a slight decrease to 5.5% YoY from March’s 5.6% YoY. And if the forecast comes true, market participants will be more confident in their belief that the Fed will keep their monetary policy unchanged.
On the weekly chart, the divergence is intensifying. And if reversals are not created on smaller charts, a potential rally to 1.1110 or higher is unlikely.
On the daily chart, yesterday’s growth was interrupted by the balance indicator line, and this morning a correction is taking place; we will consider its potential on the four-hour chart. On the daily chart, the price is striving for the target of 1.0910 – to the embedded price channel line of the monthly chart.
On the four-hour chart, the price has settled below both indicator lines, and the Marlin oscillator is discharging in the negative area. The correction may continue to the MACD line, around the 1.1007 mark. If yesterday’s low of 1.0942 is surpassed, the price will make its first attempt to break through 1.0910.
The material has been provided by InstaForex Company – www.instaforex.com
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