Forecast for EUR/USD for October 9, 2018
On Monday, the euro fell by 30 points. It even managed to push through strong support from the coincidence of two lines – the indicator trend (Krusenstern) and the graphical downward price channel. Today opened under these lines, and this is a signal for further decline. The target of the decline is the peak of February 2016 at the level of 1.1376.
But on the four-hour chart, the Marlin oscillator formed a triple convergence with the price, and at the moment its signal line is already in the growth zone. This may lead to further consolidation and growth of the price to the Krusenstern line on the H4, around 1.1555. This price coincides with the balance line on the daily chart and slightly above the Friday peak. But such an aggressive growth can lead to the subsequent consolidation of the price over the indicator lines of both scales, and if this happens, it can significantly extend the corrective growth (to 1.1630 or 1.1735).
If the price moves below yesterday’s low of 1.1460, the main scenario of further decline of the euro to 1.1376 and further to 1.1300 will come into force.