FX.co ★ Forecast for EUR/USD on October 4, 2022

Forecast for EUR/USD on October 4, 2022

The euro spent the entirety of Monday, like Friday, between the target levels of 0.9752-0.9850. So far, our forecast about the short-term development of sideways movement is justified, but if this sideways movement drags on, then most likely the growth will continue and the level of 0.9950 will be overcome.

Forecast for EUR/USD on October 4, 2022

In the current situation, we are waiting for the price to fall below 0.9752 and the price to return to the downward trend. The daily Marlin Oscillator is turning down, pushing the price towards this scenario.

On the four-hour chart, the price also found support on the MACD indicator line yesterday, at the point of its intersection with the target level, the quote rebounded upwards.

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Forecast for EUR/USD on October 4, 2022

This is a signal for further growth. This signal will be confirmed by consolidating above 0.9850. The 0.9950 target will become available, although it may not be reached (the resistance of the MACD line of the daily scale will interfere).

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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