empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

16.09.202405:50 Forex Analysis & Reviews: Forecast for EUR/USD on September 16, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Last Friday, the upper shadow of the euro's daily candle pierced the target level of 1.1085. It was a success, as the euro started today with growth. The signal line of the Marlin oscillator is still in negative territory, but once it enters the positive area, the euro will gain additional technical support for growth.

Exchange Rates 16.09.2024 analysis

Marlin could cross into positive territory when the price surpasses Friday's high of 1.1071. Formally, this would open the target of 1.1186. However, four factors could hinder the development of this alternative scenario: today's weak data on the Eurozone's trade balance for July, with a forecast of €14.9 billion compared to €22.3 billion in June; tomorrow's expected drop in the ZEW economic sentiment index for September (forecast 16.4 compared to 17.9 previously) and the anticipated growth in U.S. industrial production for August by 0.1% (compared to -0.6% in July) along with a rise in core retail sales (0.2%); and on Wednesday, the week's main event—the Federal Reserve's rate decision. The fourth factor is the technical picture on the four-hour chart.

Exchange Rates 16.09.2024 analysis

On the four-hour chart, the price aims for the upper boundary of the price channel at 1.1120. The Marlin oscillator has weakened but could still attempt to break out of the consolidation upward. If, on the contrary, the price consolidates below the 1.1085 level, it may drop toward the MACD line support at 1.1040. At this point, Marlin would reach the boundary of the downtrend territory. A break of 1.1040 would leave the price with almost no chance of returning to growth. The situation will likely be resolved by Wednesday evening.

Laurie Bailey
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off