FX.co ★ Forecast for EUR/USD on May 3, 2022

The euro's first attempt to overcome support at 1.0493 (December 2017 low) failed on Monday, and this morning the price has risen slightly from this level. The daily Marlin Oscillator turned up, this may be a sign that the price will not attack 1.0493 today, investors will wait for tomorrow's Federal Reserve meeting.

On the four-hour chart, the Marlin Oscillator has entered bullish territory. This is also a sign that the price will refrain from repeated attacks at 1.0493 today, because if the support is overcome, then the lower border of the daily timeframe price channel at 1.0435 will become the next obvious target. But it is far from it and investors have no reason to be ahead of events. Remaining in a suspended state of price is not comfortable.

The MACD line limits growth, around the mark 1.0590. But it's also far away. The current situation, namely the sideways price movement, is very convenient for a strong range tomorrow. For a long time, for many years, the market did not make false movements at the central bank meeting. Perhaps tomorrow will be such a day, because its outcome is already known to everyone.