It seems that the euro has no strength to rise or fall. Yesterday, EUR/USD pared Monday’s gains. As a result, this morning, the euro is below the level of 1.0613 and below the Fibonacci level. The reason for this was the weak eurozone PMIs and moderately strong data from the US, although the forecasts were diametrically opposite.
Nevertheless, stock markets were in the green (the S&P 500 was up 0.73%, while the Euro Stoxx 50 was up 0.55%), and demand for government bonds dipped. These circumstances do not paint a bearish reversal. Tomorrow, the European Central Bank will reveal its outlook on economic prospects, and the Federal Reserve will do so on November 1st. Major players tend to believe that the Fed will be more dovish than the ECB, which is why the euro will have the advantage.
On the 4-hour chart, the pair stopped falling at the MACD line. The Marlin oscillator is in negative territory but may soon move into the positive territory. We can confirm this once the price rises above the 1.0613 level. If the price consolidates below yesterday’s low at 1.0584, it will continue to fall to the nearest support level at 1.0552, from which a bullish reversal may occur. If the price continues to trade below the support level, it may move towards 1.0483.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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