Forecast for EUR/USD on October 9, 2020

EUR/USD

The euro traded in a range of about 50 points on Thursday, closing the day near its opening. The price remained above the target level of 1.1754, which clearly acquired a support function. The signal line of the Marlin oscillator is trying to move into the growth zone, this is the first sign of a movement to 1.1910 (high on July 31 and resistance of the MACD line), but insufficient. To do this, the price must still move above the balance line, above 1.1810. The price returning to the area below the 1.1754 level will bring the market sentiment back to sell positions with the target at 1.1650.

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The price went above the balance indicator line on the four-hour chart, Marlin is about to enter the growth zone.Getting the price to settle above 1.1810 will strengthen euro's growth towards the specified target. To strengthen the downward trend, as well as to confidently sell, we expect the price to move under the MACD line, below 1.1710.

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