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

18.09.202404:47 Forex Analysis & Reviews: Forecast for EUR/USD on September 18, 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.

Today, the Federal Reserve is expected to lower its interest rate. The markets have approached this event with the following expectations: there is a 36% probability of a 0.25% rate cut and a 64% probability of a 0.50% cut. Earlier, we explained in detail why we anticipate only a quarter-point cut. Now, we are waiting for the euro to reach the strong technical support level at 1.1010—this is the area where the target level from the August 5 high, the embedded line of the green price channel, and the support of the MACD line converge. Breaking this level would send the price into a medium-term decline towards the 1.0724 area.

Exchange Rates 18.09.2024 analysis

We also believed the price would consolidate in the 1.1010/85 range, but it has chosen the 1.1085-1.1150 range instead. The difference between these ranges is that, in the current situation, the Marlin oscillator's signal line is at the zero level, whereas if the price were below 1.1085, it would support it. This difference, from a technical standpoint, currently favors growth. However, the main scenario complicates matters, meaning if the price consolidates below 1.1085 as expected, Marlin's recent move into positive territory will turn out to be false, as would the price move above 1.1085. A similar movement occurred on September 5-6. If the Fed lowers the rate by 0.50%, we expect the price to break above 1.1186 and then target 1.1230.

Exchange Rates 18.09.2024 analysis

On the four-hour chart, the Marlin oscillator is pushing the lower boundary of its range. This is the only sign of a possible price drop, aside from the hourly time frame, where the price has settled below the MACD line. A move by Marlin into negative territory will increase the pressure on the price and help it reach the support of the MACD line (1.1052). The 1.1085 level now serves as an intermediate level.

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