FX.co ★ Forecast for EUR/USD on November 3, 2023

EUR/USD:

The EUR/USD pair had a positive day on Thursday, even though it did not test the nearest resistance level around 1.0680.

However, if today's US employment data comes out weaker as expected, the euro has the potential not only to test 1.0680 but also to close the day above this level. Next week, we expect the price to surpass the Fibonacci ray level around 1.0740.

For the bears, if they prevail in this prolonged confrontation, the initial target is 1.0510, followed by 1.0449.

On the 4-hour chart, the price has settled above the balance and MACD indicator lines, and the Marlin oscillator is progressing in the uptrend area. Moreover, the MACD line itself is pointing upwards, indicating the direction of the medium-term trend.