01.11.202406:35 Forex Analysis & Reviews: Forecast for EUR/USD on November 1, 2024

Relevance up to 22:00 2024-11-01 UTC--4

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Donald Trump has surpassed Kamala Harris in all major polls, leading by 0.3%. The electoral balance also favors Trump at 270/251. We expect Trump to win.

Major tech companies reported weak quarterly earnings, causing the S&P 500 to fall by 1.86% and the Nasdaq to plunge by 2.76%. This downturn is close to a crisis-level development. However, the euro now has its momentum, rising by 24 pips to hit the target level of 1.0882. The upward trend continues this morning, with the target at 1.0935/50 within reach. The Marlin oscillator crossed into the growth territory in time, fully aligning with the upward movement.

On the four-hour chart, the price has consolidated above the 1.0882 level. The Marlin oscillator is completing its consolidation in the upper positive half, with a higher probability of an upward breakout. We anticipate further price growth.

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