24.10.202407:58 Forex Analysis & Reviews: Hot forecast for EUR/USD from 10/24/2024

Although the dollar has already been excessively overbought, the US currency continues to strengthen despite the lack of new developments. It seems to be doing so almost out of momentum. Perhaps today's release of preliminary business activity indices will finally help the euro improve its situation, at least a little. Moreover, all indices in the Eurozone are expected to rise without exception. Specifically, the Services PMI is projected to increase from 51.4 to 51.7 points. Meanwhile, the Manufacturing PMI will likely rise from 45.0 to 45.2 points. As a result, the Composite PMI could climb from 49.6 to 50.1 points.

However, a different scenario is expected in the United States, as the Services PMI is forecasted to decline slightly from 55.2 to 55.0 points. The Composite PMI might remain unchanged, supported by a rise in the Manufacturing PMI from 47.3 to 47.6 points. In any case, the outlook for the US indicators appears weaker than for the Eurozone, which could lead to some strengthening of the euro.