FX.co ★ Forecast for EUR/USD on September 25, 2023

EUR/USD:

Last Friday, the EUR/USD pair tried to test the support at 1.0613, repeating the same attempt from Thursday. However, this entire endeavor resulted in the price moving sideways above the Fibonacci channel line and is now beginning to develop bullish potential with 1.0687 as its initial target. A break above this level will provide a basis for attempting to surpass the peak of September 20th at 1.0737 and simultaneously attacking the next Fibonacci channel line.

The signal line of the Marlin oscillator has left its own wedge and has moved upwards. This indicates that the wedge no longer exists, and only a double convergence with the price remains. The reversal is gaining momentum, and this is the main scenario.

If the price manages to settle below 1.0613, the next target will be 1.0552. There's a good reason for the alternative scenario - the presence of a magnetic point at the intersection of the target level, the Fibonacci fan line, and the Fibonacci channel line on September 29th. To avoid a break below, the price needs to overcome the resistance at 1.0687 as soon as possible.

On the 4-hour chart, the price has yet to overcome the resistance of the MACD line and the balance line. The Marlin oscillator is slowly transitioning into positive territory. Convergence is also present here, but its development has been sluggish. Clearly, the market lacks external factors to stimulate it.