Forecast for EUR/USD for June 13, 2019

EUR/USD

On Wednesday, the euro fell by 38 points, stopping at the balance line of the four-hour chart. The Marlin oscillator on this graph went deep into the negative zone, moved down on the daily scale. But this is not a signal for a trend reversal itself, only the expected intention of the price, since the Marlin oscillator is one of the leading indicators. The first sign of a reversal is when the price consolidates on the MACD line on a four-hour chart, below the 1.1275 mark. Not far from this mark is the support of the embedded line of the daily price channel (1.1245), the price reversal can come from it, so even a short-term decline in the euro at this stage is premature. In practice, the 1.1245-1.1356 range is still a range of uncertainty. The price output above 1.1356 (Fibonacci level 76.4% on the daily TF) can raise the quote to 1.1444 - to the Fibonacci level 61.8%. Pulling down the price below 1.1245 will allow the price to fall by a smaller distance, about 40 points, to the MACD line of daily scale.

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