Forecast for EUR / USD pair on October 3, 2018
EUR / USD pair
The main event on Wednesday was the statement by the chairman of the Italian budget parliamentary committee, Claudio Borghi, on the expediency of leaving Italy from the euro area. He said that owning Italy’s own currency would allow the country to solve many problems. As a result, the euro fell by 70 points, after which there was a technical rebound in the price from the trend line and closed the day by 31 points.
On the four-hour chart, the price converged with the Marlin oscillator. The signal line of the indicator has not yet crossed the border with a zone of positive numbers, but a sharp increase in prices allows us to expect the attack of the bulls to continue. Their goal may be the resistance of the MACD line in the area of 1.1654. We do not exclude that this resistance can be overcome, and then growth will continue to the level of 1.1734 – the maximum on August 28. If successful, the price may also be negotiated in the range 1.1734-1.1815. But in the main scenario, we do not expect such a high correction. A Breakout on yesterday’s low (1.1505) will open the way to a minimum of August 15 at 1.1300.