24.10.202405:36 Forex Analysis & Reviews: Forecast for EUR/USD on October 24, 2024

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Yesterday, the S&P 500 stock index fell by 0.92%, oil by 0.74%, and gold by 0.93%. The situation is increasingly becoming critical from a technical perspective. Markets could experience a downturn even before the U.S. elections. This weekend, Japan will hold parliamentary elections, which are highly likely to result in no clear leaders and the formation of a technical (coalition) government, raising concerns about the stability of reforms. Yesterday, the Nikkei 225 lost 0.87%; on Tuesday, it fell by 1.39%. The euro could continue its decline without any correction.

If we look at the weekly euro chart, we see a bleak outlook (target 1.0385). However, the euro is not yet broken.

Yesterday, a neutral Marlin oscillator tested the support level at 1.0777—August's low. This morning, the oscillator is rising, attempting to lift the price off the support. The price is also supported by the level of the May 2022 high. It could potentially rise to 1.0882.

A consolidation above the MACD line on the four-hour chart, above the 1.0805 mark, would confirm the price's intention to move into a correction. The convergence between the price and the oscillator has reformed and strengthened. If the price moves below 1.0777, the decline will continue to the next target of 1.0724.

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