FX.co ★ Forecast for EUR/USD on November 8, 2022

Here the euro has reached the upper limit of the price channel, which begins on February 10 of the current year, marked in green on the daily chart. And it reached this limit at hour X - on the day of the elections to the American Congress. The first results will be known tomorrow morning, although exit polls will be broadcast in real time throughout the night.

In the media, the main idea is the scenario of the weakening of the dollar in the event of the defeat of the Democrats. But the Republicans, on the contrary, are in favor of budget cuts, especially the "Not a cent to Ukraine" thesis, so in reality the Republicans are in favor of a stronger dollar. And here, with a high political and technical probability, we can see the fall of the EUR/USD pair to the levels of 0.9950, 0.9864 and further to 0.9710. If the euro consolidates above 1.0051 (high on September 20), then the price will be able to reach the target range of 1.0100/20.

On the four-hour chart, the price starts consolidating under the range of the price channel line and the target level – 1.0035/51. The price is above the indicator lines, the Marlin Oscillator is not very informative in the current acute situation.

Slightly below the support of 0.9950 is the MACD indicator line, falling below the level will have an important technical downward aspect.