Fundamental analysis

Forecast for EUR/USD on November 2, 2022

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Yesterday’s PMI in the US was mixed, and investors, in anticipation of today’s announcement of the Federal Reserve on the results of a two-day meeting, partly closed positions. The stock index S&P 500 fell by 0.41%, the correction against the dollar was short-lived. As a result, the dollar index fell by only 0.03%.


The euro reached the range of target levels 0.9864 and 0.9950 by the shadows of the daily candle. With overcoming the MACD line (0.9840), the price will continue to decline to 0.9714. The Marlin Oscillator is in a neutral situation, preparing to go under the zero line at the same time as the price overcomes the support of the MACD line.


On the four-hour chart, the price retested from below the MACD line. This is a technical sign of further decline. The retest took place without the price going above the balance line (red indicator), so this growth can be taken as a correction from the entire previous three-day decline. Marlin in negative territory. We are waiting for the Fed to raise the rate and the euro to fall further.

The material has been provided by InstaForex Company –