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09.04.202407:21 Forex Analysis & Reviews: Forecast for EUR/USD on April 9, 2024

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EUR/USD

Yesterday, market sentiment among speculators was neutral; S&P 500 -0.04%, Nasdaq 0.03%. German industrial production increased 2.1% in February against expectations of 0.6%, and the Eurozone Sentix Investor Confidence Index rose from -10.5 in March to -5.9 in April. As a result, the euro expanded its consolidation range in anticipation of the European Central Bank meeting on Thursday.

The EUR/USD pair moved above the balance indicator line, and the Marlin oscillator moved into the positive territory this morning. If external events maintain an optimistic mood, the price may test the resistance of the MACD indicator line (1.0892) before the ECB meeting. However, external events, namely risk appetite, are getting weaker. If the stock market remains sluggish, indices may close the day with black candles. In this case, the Marlin oscillator's signal line on the euro chart will turn down from the border of the growth territory, and the price will return below the balance line.

On the 4-hour chart, the Marlin oscillator is reluctantly rising. It appears to be forming a sideways movement in a consolidation range. In this case, it would be better to wait for the European session to open so investors can track the behavior of stock indices. The main scenario is bearish.

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