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24.09.2019 06:13 AM
Forecast for EUR/USD on September 24, 2019

EUR/USD

On Monday, the euro market suffered a double disappointment: the index of business activity in the manufacturing sector of the eurozone fell from 47.0 points to 45.6 in September, activity in the service sector fell from 53.5 to 52.0. In the evening, the head of the ECB, Mario Draghi, speaking in the European Parliament with a quarterly report, announced the ongoing production decline, which is pulling down other economic sectors.

Today, President Donald Trump speaks at the UN General Assembly. He can be extremely harsh on Iran, which will strengthen the position of the dollar.

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On the daily chart, the price pierced the Fibonacci level of 138.2%, the signal line of the Marlin oscillator moved into the declining trend zone. Now, the immediate goal of 1.0926 opens before the price - the lows of September 12 and 3, after which we are waiting for the price at the Fibonacci level of 161.8% (1.0845).

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On a four-hour chart, the price is developing under the lines of balance and MACD, the MACD line itself - an indicator of the trend direction, turns down. Marlin is in the zone of negative values. The trend is completely decreasing.

Laurie Bailey,
Analytical expert of InstaForex
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