Forex Analysis & Reviews: Forecast for EUR/USD on February 6, 2024

EUR/USD
On Monday, the euro fell by 44 pips, reaching the target level of 1.0730 with the lower shadow of the daily candle. The price surpassed the lower border of the green price channel, and the channel is no longer relevant.

Now, after overcoming the level of 1.0730, which the price has reached, the euro may continue to fall to the next target at 1.0632. The signal line of the Marlin oscillator slightly bent upwards, which may indicate a minor correction from the support it reached before it falls further.

On the 4-hour chart, the price consolidates above the support level. Marlin is discharging before a possible new wave of decline. We are waiting for the price to consolidate below 1.0730 and move towards the designated level of 1.0632 – the low of September 14, 2023, and the low of May 31.

Analysis are provided by InstaForex

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