Forecast for EUR/USD on October 3, 2019

EUR/USD

According to ADP, the economic indicator on new created jobs in the US private sector, published on Wednesday, weakened the dollar - the September index was 135 thousand against the expectation of 140 thousand, and the August figure was revised down from 195 thousand to 157 thousand. The euro grew by 26 points. A double convergence on the Marlin oscillator was formed on the daily scale chart. This is a strong pattern of expected growth, but the price needs to overcome the resistance of the Fibonacci level of 138.2% at the price of 1.0985, in this case, the target in the area of 123.6% and the MACD line will become open (1.1065).

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On the H4 chart, the price reached the MACD line. Overcoming the Fibonacci level of 138.2% (1.0985) will mean consolidation above the line and, accordingly, will be its own signal to continue growth.

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If the price goes below yesterday's low (1.0904), it will also mean that the signal line of the Marlin oscillator will go into the declining trend zone. In this case, we are waiting for the price in the range of 1.0805/45.

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