10.09.202409:07 Forex Analysis & Reviews: Hot Forecast for EUR/USD on September 10, 2024

As expected, the U.S. media have stopped discussing the state of the labor market, especially the inconsistencies in the latest report from the Department of Labor, and have focused exclusively on the upcoming debates between Donald Trump and Kamala Harris. The vast majority of these materials boils down to the inevitable victory of the Democratic Party candidate. Considering that this is seen as a positive outcome from the market's perspective, the dollar has continued to strengthen its positions. Today, this trend is likely to continue.

The euro's recovery was interrupted last Friday when the quote abruptly changed direction. As a result, the price returned to the upper deviation of the psychological level of 1.1000/1.1050, indicating a persistent downward sentiment among market participants.

In the 4-hour chart, the RSI technical indicator is moving in the lower area of 50/30, which indicates a bearish mood among market participants.

Regarding the Alligator indicator in the same time frame, the moving average lines point downwards, which coincides with the direction of the price movement.

Expectations and Prospects

For the next phase of decline, it is necessary to stabilize the quote below the 1.1000 mark. However, this will only lead to a local shift of the support point to the lower area of the psychological level. Until then, traders will consider a scenario of a price rebound from the area of the psychological level following last week's scenario.

The complex indicator analysis indicates a price rebound in the short term. Indicators point to a downward cycle in the intraday period.