28.10.202404:42 Forex Analysis & Reviews: Forecast for EUR/USD on October 28, 2024

Relevance up to 22:00 2024-10-28 UTC--4

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On Friday, the euro fell by 30 pips without reaching support at 1.0777. The Marlin oscillator on the daily chart is now rising ahead of the price. The nearest resistance at 1.0882 will likely be reached independently of the U.S. elections, as the price entered a "free-floating" mode from the 1.0950 level, where technical reversal signals for a rise up to 1.1076 were overridden.

In the previous analysis, we mentioned the potential for the price to rise toward 1.1076, regardless of the election outcome. Currently, we confirm a technical reversal in the price with a 65% probability and expect it to approach the first target at 1.0882.

On the H4 chart, the Marlin oscillator's signal line turns upward from the neutral zero line. Friday's corrective decline stopped near the MACD line, which is approaching the 1.0777 support level, strengthening it. A breakout above the October 17 low of 1.0812 will indicate that the euro is prepared to continue rising toward the first target resistance.

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