FX.co ★ Forecast for EUR/USD on September 11, 2023

EUR/USD

The euro is showing signs of a reversal, with a convergence between the price and the Marlin oscillator on the daily chart. However, in order to build a significant uptrend, we need to see increased trading volumes.

It's clear that market participants are focused on the US CPI data, which is set for release on Wednesday, so until then, we may see a sideways trend. In regards to tomorrow's reports, UK unemployment is estimated to rise from 4.2% to 4.3%, while economic sentiment in the eurozone (ZEW) is seen to fall from -5.5 to -6.2. From a technical perspective, today's gap from the weekly open has not been closed yet.

On the weekly chart, the new week started just above the Fibonacci timeline (#5). This suggests that the uptrend may continue for 4-5 weeks, up to the line #6. Moreover, the oscillator signal line shows a bullish reversal.

On the 4-chart, the Marlin oscillator has entered the uptrend territory. The initial target is 1.0774, which the MACD indicator line is approaching. Consolidating above this level would show the price's intention to extend its growth in the short-term.