Forecast for EUR/USD on May 17, 2023

EUR/USD So, in accordance with our forecast, after sharply falling below technical supports on May 12, yesterday the price returned to one of them and went through a retest (embedded line of the price channel). It's also noticeable that on the daily chart, touching the channel line occurred at the point of contact with the balance indicator line.

Now we are waiting for the price to drop to the previously indicated target of 1.0804. Falling below this level will allow the price to compete with the support of the underlying price channel line and reach the support level of 1.0736 (the peak of December 15, 2022). However, if it fails to cross support at 1.0804, the price will stay in a short-term sideways trend.

On the four-hour chart, there was a reversal of the signal line of the Marlin oscillator from the zero line (arrow) yesterday. In general, the price is falling in a linear regression channel. We are waiting for the price at the target level of 1.0804.

Analysis are provided by InstaForex

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