Forecast for EUR/USD on September 26, 2019

EUR/USD

The euro fell 77 points on Wednesday, more than the decline of the 16th after the drone attack in Saudi Arabia and more than the growth of the 17th due to the buyback of the euro before the Fed meeting the next day. A week and a half ago, we said that the euro was being redeemed against the ECB's decision on monetary policy by American players, presumably in order to maintain control over the situation in their hands. Yesterday, according to dealers, the stop loss of buyers in the range of 1.0960-80 was knocked out, which now confirms our early calculations. Media reports say that the dollar strengthened on investors' (suddenly awakened) fears about the intensification of the global crisis. This is also partly true, since sales of new homes in the United States in August jumped from 666 thousand in July (revised from 635 thousand) to the highest since December last year, 713 thousand. It is almost obvious that the world crisis will reach the United States last.

The final estimate of US GDP for the second quarter will be published today. Now, to strengthen the dollar, it is enough that the indicator is no worse than expectations and a preliminary estimate of 2.0%.

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On the daily chart, the situation has finally formed for the euro to fall; overcoming the support of 1.0926 will send the euro to the target range of 1.0805/45, formed by the support of the price channel and the Fibonacci level of 161.8%.

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On the four-hour chart, there is also a downward local trend - the price is below the indicator lines of balance and MACD, the Marlin oscillator is in the decline zone.

The material has been provided by InstaForex Company - www.instaforex.com