Forecast for EUR/USD on September 9, 2019


The US Department of Labor Friday report was neutral positive; in the non-agricultural sector, 130 thousand new jobs were created against the expectation of 163 thousand, in July the indicator was lowered to 159 thousand from 164 thousand, but the share of economically active population increased from 63.0% to 63.2% and hourly wages increased by 0.4% in August. Markets could not decide whether these indicators are sufficient to mitigate monetary policy or not.


The euro closed Friday with a symbolic decline. On the daily chart, the situation remains falling - the price is below the indicator lines of balance and MACD, between the Fibonacci levels of 138.2% and 123.6%, the signal line of the Marlin oscillator is in the declining trend zone.


On the four-hour chart, the situation is completely increasing - the price is above the indicator lines, Marlin is in the growth zone. To develop a medium-term fall, the price should consolidate below the MACD line at H4 (1.1007) and the Fibonacci level of 138.2% (1.0986) - the nearest target of 1.0844 will open - the Fibonacci level is 161.8%. For a possible upward movement of the euro towards a target of 1.1157, formed by the intersection of three lines on the daily chart, 123.6% must be consolidated above the Fibonacci level at the price of 1.1073.

The material has been provided by InstaForex Company -