FX.co ★ Forecast for EUR/USD on September 29, 2023

EUR/USD

The euro has finally managed to rise after falling for seven consecutive days. The price broke above the resistance at 1.0552 and above the Fibonacci retracement level marked on the daily chart. Now, the nearest target is 1.0613. The price may rise further, but not above 1.0645, in order to maintain the "image" of the 11th week black candle.

The Marlin oscillator has formed a prolonged, not very strong, but triple convergence with the price, indicating a reversal of the current medium-term trend into a deep correction. As before, we expect the euro to rise towards the MACD indicator line around 1.0803.

A great amount of economic reports are scheduled for release, so there will be plenty of reasons for both bulls and bears to contend. You should be cautious with the euro's rise in the midst of the budget crisis in the United States as this could lead to a direct correlation with the stock market, and in turn, the dollar will become a safe-haven currency.

On the 4-hour chart, the Marlin oscillator has moved into the bullish territory, and the price has stayed above 1.0552. The MACD line is just ahead, which the price may choose to surpass or not, as it will face a significant task that is related to the budget "shutdown" on Monday. The nearest target levels are marked on the chart: 1.0613, 1.0687.