Forecast for EUR/USD on May 9, 2023

EUR/USD
As of today, the euro clearly correlates with the yields of US government bonds, which are growing and pulling the single currency down. But for more reliable conditions for the euro's medium-term decline, it lacks other correlating instruments - commodities or the stock market, which are still growing. Other counter-dollar currencies are also not in a hurry to reverse.

On the daily chart, the price is moving towards the important support of 1.0910, and consolidating below it may indicate a break in the uptrend from March 16th. The 1.0804 target will become available. The signal line of the Marlin oscillator is in negative territory - in the downtrend area. At the moment, the euro has not fallen deep enough to prevent it from reversing and working through the range of 1.1078-1.1110.

On the four-hour chart, the price has once again consolidated below the indicator lines, with Marlin in the area of the downtrend. If signals from related markets support the dollar, this time these technical signals will be effective.

Analysis are provided by InstaForex

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