Forecast for EUR/USD on September 29, 2020

EUR/USD

The euro slightly increased on Monday amid rising risk appetite in the stock market and ahead of the first debate of presidential candidates Trump and Biden on Wednesday. Technically, the growth was reflected in consolidation at the target level of 1.1650. The observed consolidation is likely to continue today. The price must settle below the 1.1650 level in order for a significant downward movement to appear. The first target is 1.1550 (November 2017 low).

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The price shows an intention to fall from the September 24 and 25 highs. It would be like forming a narrow consolidation, which in turn will act as a technical figure for the trend to continue, that is, a decline. The euro's consolidation growth may continue up to the MACD indicator line at 1.1712. We are waiting for the development of events, the main scenario is decreasing.

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