FX.co ★ Forecast for EUR/USD on October 6, 2023

EUR/USD:

The euro has achieved its goal by testing the target level of 1.0552. Simultaneously, the Marlin oscillator has reached the boundary of the uptrend territory. The euro will get a boost if the price and the oscillator climbs above the zero line.

Clearly, this could happen with the release of the US employment data in the evening. The bullish scenario, which is the main scenario, suggests that the price will continue its upward movement if it surpasses the Fibonacci level at 1.0578, and maybe it might even reach 1.0613 and 1.0687.

The bearish scenario will come into play if the price consolidates below 1.0483. In this case, the price will continue to fall towards 1.0410.

On the 4-hour chart, the price has consolidated above the balance and MACD indicator lines, and the Marlin oscillator is developing in the positive territory. We are looking forward to the release of US employment data.