empty
 
 
10.09.2024 09:07 AM
Hot Forecast for EUR/USD on September 10, 2024

As expected, the U.S. media have stopped discussing the state of the labor market, especially the inconsistencies in the latest report from the Department of Labor, and have focused exclusively on the upcoming debates between Donald Trump and Kamala Harris. The vast majority of these materials boils down to the inevitable victory of the Democratic Party candidate. Considering that this is seen as a positive outcome from the market's perspective, the dollar has continued to strengthen its positions. Today, this trend is likely to continue.

This image is no longer relevant

The euro's recovery was interrupted last Friday when the quote abruptly changed direction. As a result, the price returned to the upper deviation of the psychological level of 1.1000/1.1050, indicating a persistent downward sentiment among market participants.

In the 4-hour chart, the RSI technical indicator is moving in the lower area of 50/30, which indicates a bearish mood among market participants.

Regarding the Alligator indicator in the same time frame, the moving average lines point downwards, which coincides with the direction of the price movement.

Expectations and Prospects

For the next phase of decline, it is necessary to stabilize the quote below the 1.1000 mark. However, this will only lead to a local shift of the support point to the lower area of the psychological level. Until then, traders will consider a scenario of a price rebound from the area of the psychological level following last week's scenario.

The complex indicator analysis indicates a price rebound in the short term. Indicators point to a downward cycle in the intraday period.

Dean Leo,
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