{"id":37980,"date":"2024-10-08T00:00:00","date_gmt":"2024-10-07T20:00:00","guid":{"rendered":"https:\/\/fxglory.com\/forex-market\/market\/market\/analysis\/eur-usd-forecast-2024-10-08\/"},"modified":"2024-10-08T00:00:00","modified_gmt":"2024-10-07T20:00:00","slug":"eur-usd-forecast-2024-10-08","status":"publish","type":"market_article","link":"https:\/\/fxglory.com\/zh-hans\/forex-market\/currency-pairs\/eur-usd\/forecast\/eur-usd-forecast-2024-10-08\/","title":{"rendered":"EUR\/USD Forecast \u2014 8 October 2024"},"content":{"rendered":"<p><strong>Time Zone: GMT +3<\/strong><\/p>\n<p><strong>Time Frame: 4 Hours (H4)<\/strong><\/p>\n<p><strong><\/p>\n<p>Fundamental Analysis:<\/strong><\/p>\n<p>Today\u2019s economic data releases from the Eurozone and the U.S. will likely influence the direction of the EUR\/USD pair. For the Euro, German Industrial Production data reported a surprising increase of 0.8% after previously contracting by -2.4%, signaling a recovery in the manufacturing sector. This positive data, along with ECOFIN meetings and a speech by the German Bundesbank President, could boost sentiment toward the Euro.<\/p>\n<p>From the U.S. side, the trade balance narrowed to -70.1B from -78.8B, reflecting improving economic conditions, which could support the U.S. Dollar. Additionally, FOMC members Kugler, Bostic, and Collins are scheduled to speak today, potentially providing insights into the Federal Reserve&#8217;s future monetary policy stance. Markets will also watch the NFIB Small Business Index, expected to rise to 92.0, which could further influence USD sentiment.<\/p>\n<p><strong><\/p>\n<p>Price Action:<\/strong><\/p>\n<p>On the H4 chart, EUR\/USD has been trading in a downtrend since mid-September, with the price currently hovering near the 1.0970 level. The Bollinger Bands indicate that the pair is oversold as the price touched the lower band, suggesting that a possible rebound could be on the horizon. Despite the recent bounce, the pair remains below key moving averages, reflecting overall bearish momentum.<\/p>\n<p>The MACD shows continued bearishness, with the histogram below zero and declining. However, as the pair approaches key support levels, there could be a corrective movement if buyers manage to defend these levels.<\/p>\n<p><strong><\/p>\n<p>Key Technical Indicators:<\/strong><\/p>\n<p><strong>Bollinger Bands:<\/strong> The price has touched the lower band, indicating potential oversold conditions and a possible corrective bounce.<\/p>\n<p><strong>MACD:<\/strong> The indicator remains bearish, with the histogram and MACD line below the signal line, confirming ongoing selling pressure.<\/p>\n<p><strong><\/p>\n<p>Support and Resistance:<\/strong><\/p>\n<p><strong>Support Levels:<\/strong> Key support is located at 1.0945, with further support around 1.0890. A break below these levels could open the door for further declines toward 1.0865.<\/p>\n<p><strong>Resistance Levels:<\/strong> Immediate resistance is seen at 1.1020, which coincides with the middle Bollinger Band. A breakout above this level could push the pair toward the next resistance at 1.1080.<\/p>\n<p><strong><\/p>\n<p>Conclusion and Consideration:<\/strong><\/p>\n<p>The EUR\/USD H4 chart suggests a continuation of the bearish trend unless the pair manages to break above the immediate resistance levels. A bounce from the 1.0945 support could signal a potential correction, but the broader trend remains bearish. Traders should closely monitor today&#8217;s speeches from FOMC members and U.S. trade balance data, as these could provide further direction to the pair.<\/p>\n<p><strong>Disclaimer:<\/strong> The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions.<\/p>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"524\" src=\"https:\/\/fxglory.com\/wp-content\/uploads\/2024\/10\/eurusdH4-daily-technical-and-fundamental-analysis-ans-price-action-for-10.08.2024-1024x524.webp\" alt=\"eurusdH4 daily technical and fundamental analysis ans price action for 10.08.2024\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Time Zone: GMT +3 Time Frame: 4 Hours (H4) Fundamental  [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":25223,"template":"","market_instrument":[45],"market_content_type":[44],"class_list":["post-37980","market_article","type-market_article","status-publish","has-post-thumbnail","hentry","market_instrument-eur-usd","market_content_type-forecast"],"_links":{"self":[{"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/market_article\/37980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/market_article"}],"about":[{"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/types\/market_article"}],"author":[{"embeddable":true,"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/users\/14"}],"version-history":[{"count":0,"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/market_article\/37980\/revisions"}],"wp:attachment":[{"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=37980"}],"wp:term":[{"taxonomy":"market_instrument","embeddable":true,"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/market_instrument?post=37980"},{"taxonomy":"market_content_type","embeddable":true,"href":"https:\/\/fxglory.com\/zh-hans\/wp-json\/wp\/v2\/market_content_type?post=37980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}