05.09.202405:16 Forex Analysis & Reviews: Forecast for EUR/USD on September 5, 2024

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Despite yesterday's increase in volatility and the expansion of the sideways range, the euro maintained the boundaries of safe wandering, closing the day at the upper boundary of this range—at the resistance level of 1.1085. The Marlin oscillator continued to develop within a narrow range along the zero neutral line.

Today, the euro will likely decline as we await tomorrow's US employment data. The data is expected to be strong, and the primary scenario for the euro remains bearish. An attack on the support level of 1.1010 is likely. In the 4-hour chart, the price convergence with the Marlin oscillator has been processed.

The price was raised by 67 pips from the day's low. At the resistance level of 1.1065, the price also met the balance indicator line. A downward price reversal from this line tells us that yesterday's rise was a standard correction. A breakdown of the downward movement is possible if the price consolidates above the level of 1.1140, which is marked as a key MACD line.

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