Forecast for EUR/USD on November 13, 2023

On Friday, the euro rebounded for the fourth time from the MACD indicator line with the lower shadow of the daily candle. Visually, the price has risen further, this might be real, which means that the Fibonacci ray is just around 1.0764.

A break above this mark makes it possible for the pair to aim for 1.0834. If the price manages to settle below Friday's low (simultaneously below the MACD line), the euro will head towards the lower Fibonacci ray at around 1.0490.

On the 4-hour chart, the price found strong support from the MACD line. The Marlin oscillator is rising, and its signal line is approaching the border of the uptrend territory. Under these conditions, the main scenario is that the price will rise to 1.0764.

Analysis are provided by InstaForex

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