Forecast for EUR/USD on November 5, 2021

The euro lost about 60 points yesterday, confidently breaking through the support of 1.1572. The Marlin Oscillator has entered the downtrend zone and the convergence variant is gaining strength. The bears are aiming for 1.1448 - the peak on March 17, 2019. An upward reversal in the mid-term trend is likely from this level.

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On the four-hour chart, the price has consolidated below the level of 1.1572, and a weak divergence is forming. If the divergence takes place, then we can expect a certain formation of a horizontal direction, which is not determined from the technical point of view. But then, in this case, the target level of 1.1448 will not be reached, the price will turn into growth a little earlier.

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At the moment, the levels of the MACD line of the daily and H4 time scales coincide (1.1612). This circumstance increases the value of the level - if the price goes above it, the scenario of medium-term growth will unfold.

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

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