FX.co ★ Forecast for EUR/USD on October 28, 2021

On Wednesday, the European currency closed the day with a slight increase, the Marlin Oscillator on the daily scale chart is moving along the zero neutral line. Today the European Central Bank will hold its monetary policy meeting and the indicators show exactly this market expectation. Investors assume that the central bank will hold out a little more with the announcement of the QE cut, having made this (announcement) at the December meeting. Nevertheless, the central bank's message about the beginning of the reduction from December, may send the euro to the upside. Exit above the MACD line (1.1640) will practically resolve the issue with its further advance to the target level of 1.1750.

On the H4 chart, the convergence of the price with the Marlin Oscillator seems to have not yet gained strength for a trend reversal. Probably, a double convergence is ripening, which can happen very quickly at the time of the publication of the ECB release - the level of 1.1572 will be worked out, and then, according to our main scenario, the growth will develop.