09.10.202404:59 Forex Analysis & Reviews: Forecast for EUR/USD on October 9, 2024

Relevance up to 22:00 2024-10-09 UTC--4

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The euro has halted its decline but is slightly delayed in moving upward. Yesterday, the single currency closed the day with a change of +1 pip. The U.S. stock index S&P 500 rose by 0.97% yesterday. Anti-dollar currencies, including the euro, may accumulate growing interest in risk today.

The euro's immediate task is to break above the 1.1010 level, which would significantly ease its upward movement. For now, the price continues to consolidate within the range of 1.0950–1.1010. The danger of prolonged consolidation is that there might be another dip below the 1.0950 level before the anticipated rise above 1.1076.

On the four-hour chart, the Marlin oscillator has moved into positive territory, providing significant support for upward movement. At 1.1010, there is the balance indicator line. Overcoming this double resistance will allow the price to aim for 1.1076 confidently. The first attempt to breach this level is unlikely to be successful, as the MACD line reinforces it.

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