02.10.2023 06:26 AM
Forecast for EUR/USD on October 2, 2023


Congress managed to reach an agreement on "emergency" government funding for 45 days, allowing them time to pass the budget for the coming year. At the opening of today's trading session, currency markets did not react to this positive development, and stock markets opened mixed, with the Japanese Nikkei 225 rising while the Australian S&P/ASX 200 was down. However, we can't really say a lot of positive things about this situation, as the "shutdown" has been postponed for 45 days. As a result, we continue to anticipate a rise in counter-dollar currencies and a decline in stock markets, albeit at a slower pace.

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On the daily chart, the pair started the day above the Fibonacci line, and the Marlin oscillator is rising, near the border of the bullish territory. If the price overcomes the resistance at 1.0613, which would also push the oscillator into positive territory, the price could move towards the 1.0687 target. The main scenario would be disrupted if the price consolidates below 1.0552, in which case it may attempt to test the support at 1.0483 once again.

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On the 4-hour chart, the price has moved below the MACD line, but the Marlin oscillator remains in the bullish territory. This suggests the possibility of the price reversing back above the MACD line. The key levels in the current situation are 1.0552 and 1.0613.

Laurie Bailey,
Analytical expert of InstaForex
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