Forecast for EUR/USD on June 1, 2023

EUR/USD:
The euro closed yesterday with a black candle. The lower shadow almost reached the target line of the descending price channel. Surprisingly, such a strong movement from the technical side did not improve the bears' position. A convergence between the price and the Marlin oscillator has only intensified, and the oscillator's signal line has not reversed from the upper limit of its own channel. In addition, the price did not consolidate below the target level of 1.0692.

As a result, we return to yesterday's state: a breakout above 1.0738 opens the target of 1.0804, while a consolidation below 1.0692 allows the price to once again attack 1.0620. Breaking through this level opens the path to 1.0497.

On the 4-hour chart, the price is still below the balance and MACD indicator lines, and the Marlin oscillator is in negative territory. Therefore, the bears have a chance to prevail.

Analysis are provided by InstaForex

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