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EUR/USD

Friday's US labor data for September surpassed expectations. Nonfarm payrolls increased by 336,000 for the month, better than the consensus estimate for 170,000, and the change for August was revised up by 40,000. The unemployment remained unchanged at 3.8%, and a broader measure of unemployment dropped to 7.0% from 7.1% in August. The initial market reaction was quite natural, with the dollar rising and the euro losing 80 pips. However, the dollar was sold off across a wide range of markets, including stock markets and commodities. As a result, the dollar index closed the day down by 0.26%, the S&P 500 rose 1.18%, and oil increased by 0.61% (WTI).

The market's counteraction to strong data is certainly a compelling argument in favor of further (although not quite prolonged) euro growth. From a technical standpoint, we saw a rebound from the point of intersection of the price channel line and support level of 1.0483, afterwards the quote exceeded the Fibonacci retracemen

GBP/USD Yesterday, the British pound grew (by 0.47% compared to a 0.20% decline in the dollar index) and its upper shadow managed to reach the target level of 1.2443. As the signal line of the Marlin oscillator has already approached the boundary of the growth area, it may start to reverse downwards in the direction of the main trend. If the reversal occurs and the price establishes itself below the MACD line (1.2400), the first target will be 1.2273 (the April 3 low and the high of February 14). If the price stays above 1.2443, it can rise towards 1.2583. However, the pound may not reach this level, and a reversal could occur from any intermediate resistance. On the 4-hour chart, the price has settled above the balance and MACD indicator lines, and the Marlin oscillator has shown slight growth in the growth area but is now showing initial signs of a downward reversal. Since the MACD line is located below the 1.2400 level, overcoming the support level (1.2365) will serve as the final condition for the price to reverse into a medium-term decline.

On Tuesday, European Central Bank President Christine Lagarde, at a conference in Portugal, stated with full confidence that the peak rates have been reached, which briefly stimulated the euro's growth. Chinese banks were selling the dollar yesterday, indirectly supporting the euro. The pair rose by 54 points and reached the intermediate level of 1.0971 on the way to 1.1000. The Marlin oscillator is currently turning downwards, and if the euro does not receive any more external support, the correction may end. Today, Federal Reserve Chair Jerome Powell is also speaking at the same conference in Portugal, and he could say something in favor of the dollar. If not, the price will continue to rise towards the corrective target at 1.1000. If the price surpasses this level, it will continue to rise towards targets at 1.1028 and 1.1085. On the 4-hour chart, the price is entangled in indicator lines and has not yet fully figured out its relationship with the 1.0971 level. The Marlin oscillator only moved into positive territory yesterday, feeling fresh and ready to assist in further price growth. Falling below the target range of 1.0910/30 will restore the decline in the medium term, which started on June 22. The target is 1.0804.

GBP/USD On Friday, the pound sterling rose almost 100 points, the price rose above the nearest peak from June 16. Conditions for forming a reversal divergence on the daily chart have been met. The pound can reach the target level of 1.2870. If the price consolidates above this level, the divergence will not form, and the price may continue to rise in the range of 1.3000/70 (this is a small consolidation in the second half of April 2022). The sign of a reversal is when the price settles below 1.2785. The current situation is uncertain. On the four-hour chart, the price is rising above both indicator lines, the Marlin oscillator has turned down, but so far it looks like a discharge before it rises further.

GBP/USD In a complex and convoluted game shown on Monday, the pound sterling reached the target level of 1.2870. Conditions for divergence with the Marlin oscillator were formed. But these are bare minimum conditions for a divergence, with the pound's strength, it can easily rise to the next resistance level of 1.3000, and from there it can form a stronger signal for a reversal. The divergence will remain, it will become more light and moderate. On the four-hour chart, the situation is standard for moderate growth: there was a reversal of the oscillator signal line from the zero line, and the price is rising above both indicator lines. Consolidation above 1.2870 will allow the price to extend its growth. The first sign of a reversal (from the current level) will appear only when the price is firmly trading below 1.2785.

EUR/USD Friday's US labor data for September surpassed expectations. Nonfarm payrolls increased by 336,000 for the month, better than the consensus estimate for 170,000, and the change for August was revised up by 40,000. The unemployment remained unchanged at 3.8%, and a broader measure of unemployment dropped to 7.0% from 7.1% in August. The initial market reaction was quite natural, with the dollar rising and the euro losing 80 pips. However, the dollar was sold off across a wide range of markets, including stock markets and commodities. As a result, the dollar index closed the day down by 0.26%, the S&P 500 rose 1.18%, and oil increased by 0.61% (WTI). The market's counteraction to strong data is certainly a compelling argument in favor of further (although not quite prolonged) euro growth. From a technical standpoint, we saw a rebound from the point of intersection of the price channel line and support level of 1.0483, afterwards the quote exceeded the Fibonacci retracement level at 1.0578. The Marlin oscillator has moved into bullish territory. Now, after breaking through the nearest resistance level at 1.0613, we are waiting for the price to reach the target level of 1.0687 and maybe even 1.0777. On the 4-hour chart, the price has settled above 1.0578. The morning gap that occurred due to the Hamas attack on Israel will soon be closed. The price is growing above the indicator lines. The Marlin oscillator has firmly strengthened in the bullish territory. We expect the euro to rise further.

EUR/USD

GBP/USD Forecast: Pound Faces Potential Reversal as Marlin Oscillator Signals Downward Turn

Euro Gains Momentum as ECB's Lagarde Signals Peak Rates Reached

GBP/USD Reversal Potential: Targeting 1.2870

Reaching for Resistance: GBP/USD Targets 1.3000 Amid Divergence Signals

EUR/USD Analysis: Surpassing Expectations in US Labor Data Sparks Euro Momentum

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