FX.co ★ Forecast for EUR/USD on November 3, 2021

The euro fell by 25 points on Tuesday, returning to the support of 1.1572, consolidation below which would mean the price's intention to move further down in the short term to the target level of 1.1448 (high in March 2019). A price reversal upward is likely from this support, as indicated by the prerequisites for the emerging convergence of the price with the Marlin Oscillator (dashed line on the daily chart).

If the price settles above the MACD indicator line, above 1.1622, the price may immediately go up to the target level of 1.1750 - this is the resistance on September 21-24. The signal line of the Marlin Oscillator on the daily chart is on the zero line, and it is impossible to determine where it will swing, up or down. And the reason for this uncertainty is the investors' expectations for today's Federal Reserve meeting. If the US central bank decides to cut QE, then the movement is most likely to go down.

On the four-hour scale chart, the price on Monday and Tuesday was developing under the balance (red) indicator line, which indicates the corrective nature of this development. The Marlin Oscillator is in the negative zone, but the price is near the support level (1.1572), which reduces the influence and value of the oscillator reading. We can only wait for the moment of publication of the FOMC Fed release and the subsequent speech of Fed Chairman Jerome Powell.