Forecast for EUR/USD on August 16, 2023

EUR/USD Yesterday's performance was structurally similar to August 10th – a high upper shadow stopped by resistance. This time, the MACD line provided resistance.

At the end of the day, the euro settled below this line and below the target level of 1.0924. Now the target is the support level of 1.0865. Consolidating below this level opens the target range of 1.0761/88. It looks like the stock market is already going into a medium- or long-term decline – we never got the expected corrective spike in quotes.

On the four-hour chart, the price also settled below the MACD line. The Marlin oscillator is descending in the downtrend territory.

Analysis are provided by InstaForex

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