Forex Analysis & Reviews: Forecast for EUR/USD on February 13, 2023

The euro fell by 62 points on Friday. The price is very close to 1.0660, the upper limit of the consolidation range of December 16-26. Overcoming the support can push the price to 1.0595, it can fall further to the target level of 1.0470, the lows of June 22 and April 28, 2022. Also, this level is close to the 38% retracement of the entire growth since September 28.

The price has overcome the support of the balance and MACD indicator lines, the Marlin oscillator is declining in the red zone - a blatant downtrend.

On the four-hour chart, the price shows signs of consolidation before reaching the support of 1.0660, the Marlin has settled in the area of the downtrend. We can also see the price in preparation as it falls further.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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