Forecast for EUR/USD on November 2, 2021

On Monday, the euro corrected Friday's fall by 47 points to move above the target level of 1.1572. But this does not cancel the downward trend from October 29th – a reverse return of the price under 1.1572 will strengthen the price's desire for the previously noted target of 1.1448.

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The Marlin Oscillator is in a positive trend zone, its rate of change after Friday's fall in the euro has slowed down. This creates preconditions for the formation of its convergence with the price when it drops to the target level of 1.1448. This is the main scenario. It can be broken with the price settling above the MACD indicator line, above 1.1628. The 1.1750 target will open.

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The four-hour chart shows that the price growth took place below the balance indicator line, that is, in line with the general downward trend. The Marlin Oscillator went above the zero line a little yesterday, into the area of the growing trend, but it still cannot strengthen there. After the price settles below 1.1572, we expect the development of a downward trend.

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

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