Forecast for EUR/USD on October 8, 2019

EUR/USD

The euro slightly fell on Monday, closing the candle below the Fibonacci level of 138.2% for the third day in a row. This behavior of the market becomes more like consolidation, which becomes a sign of at least one more jerk of the price up. Here the target level is the resistance of the MACD line on the daily scale (1.1047). The signal line of the Marlin oscillator reached the growth zone by a low value. Double convergence on the oscillator continues to work. Moving the price under the signal level of 1.0926 will reveal a decreasing scenario.

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A reversal divergence has formed on the four-hour chart according to Marlin, but it is weak in itself, since the price was only one point higher than the peaks of the previous peaks, and the signal line still remains in the growth zone. Price is developing above the lines of balance and MACD - this is a sign of the continued upward trend. Price consolidation is noticeable in more detail in this chart.

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So, for the development of the medium-term downward movement, the price must first be consolidated below the MACD line at H4 (1.0953), and the price will go under the signal level of 1.0926 as a direct signal to start. It is possible for the euro to increase to the immediate target of 1.1047 after consolidating above 1.0985.

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