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EUR/USD Monthly Forecast: October 2024 (Chart)
(MENAFN- Daily Forex)
- The EUR/USD is trading near the 1.11680 mark as of this writing on the last day of September.
- The month of October is likely to be busy for EUR/USD day traders because volatility will remain part of the landscape.
- The upwards climb in the EUR/USD achieved during September did not come without a fight.
- However, the currency pair has certainly maintained its bullish streak which has been evident since late June of the year.
- The current price realm of the EUR/USD is near values seen in July 2023. However a reversal lower occurred after the highs of July 2023, but this is unlikely to happen to the EUR/USD in October, circumstances are different.
- There will definitely be lower reversal as part of the normal Forex landscape in the days and weeks ahead, but behavioral sentiment is displaying USD centric weakness and this is unlikely to disappear soon.
- The approaching U.S election in early November will create caution, but most eyes will be on U.S economic data and the ECB rate decision on the 17th of October.
- The Fed will announce its FOMC Statement on the 7th of November.

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