01.10.202404:51 Forex Analysis & Reviews: Forecast for EUR/USD on October 1, 2024

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On Monday, the euro again tried to break above the 1.1186 resistance level, but under pressure, it fell to the support of the balance indicator line. The signal line of the Marlin oscillator dropped to the lower boundary of its range, moving into the downtrend territory.

This may indicate an intention to break down below the 1.1076 level. The support is strong, receiving reinforcement from the MACD line. In the main scenario, the price is unlikely to break through it as the stock market continues to rise and maintains investors' interest in risk. We expect the euro to rise to the target level of 1.1276 from the current levels or after bouncing off the 1.1076 support.

The price has consolidated below both indicator lines on the four-hour chart, and the Marlin oscillator has settled in the downtrend territory. The situation here is entirely bearish. As a result, the likelihood of a preliminary decline before the growth increases.

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