Forecast for EUR/USD on November 1, 2021

Last Friday, the euro fell by 124 points for unknown reasons. This is probably a collaborative attack on bulls, who worked optimistically at the European Central Bank meeting and the weak US GDP data on Thursday. If our assumption is correct, then we are waiting for a further standard scenario in such cases - a short-term deepening of the euro's fall followed by a reversal into a medium-term rise.

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On the daily chart, the price has overcome the bears' target level of 1.5272. The 1.1448 target is now open - March 17, 2019 high. From this level, we expect a price reversal in the mid-term growth.

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On the four-hour chart, a completely downward trend has developed: the price has settled below the balance and MACD indicator lines, the Marlin Oscillator is developing in a negative zone. We are waiting for the price to further advance to the level of 1.1448.

The material has been provided by InstaForex Company - www.instaforex.com

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