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Forecast for EUR/USD on October 4, 2021

EUR/USD

The euro gained 0.10% last Friday, reversing from the 1.1570 support formed by the January 2019 high. The Marlin Oscillator is turning up on the daily. It can be either an upward reversal with further medium-term growth, or a correction before further decline. While the preferred option seems to be corrective. Consolidating below 1.1570 will cause a further decrease to the target level of 1.1448 - to the high of March 2019.

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On the four-hour chart, the Marlin Oscillator is moving up a steep trajectory, which is typical for reversal signals, that is, the price can overcome 1.1750 (high on September 23 and low on July 21). To confirm this intention, the price should consolidate above the MACD indicator line, above 1.1632. There are no signs of movement in any direction yet.

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