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

Relevance up to 22:00 2024-10-01 UTC--4

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.

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.

Back to the list

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.