empty
 
 
15.10.2024 10:37 AM
EUR/USD Forecast for October 15, 2024

The euro stubbornly refuses to reverse direction. Even yesterday's 0.77% rise in the stock market, which set a new all-time high, did not halt the euro's decline. The euro is close to consolidating below the 1.0882 level and collapsing to 1.0777. If this happens, the long-term reversal to a downtrend would have already begun with a turn from 1.1186 in a dull and uneventful manner, without triggering the liquidation of large sell orders (reportedly the largest volumes since April).

This image is no longer relevant

This scenario became highly probable this morning due to the proximity of the price to the key level. Additionally, the S&P 500 reached its anticipated reversal target, and oil prices dropped by 3.45% yesterday. Now, we doubt the euro will find the strength, or investors' will, to support the single currency against the ECB's rate cut. If the euro does rise, it is unlikely to go above 1.1010, with the best-case scenario being a move to 1.1076 for a retest of the MACD line. Today, European industrial production data and ZEW business sentiment indexes might provide some support for the euro.

This image is no longer relevant

On the four-hour chart, the Marlin oscillator has been consolidating along the zero line for so long that it has lost its predictive potential — the instrument could move in either direction. The likelihood of a decline slightly prevails due to the proximity of the MACD line to the 1.0950 level, which strengthens resistance.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback