Fundamental analysis

Forecast for EUR/USD on October 26, 2022

The euro continued to grow on Tuesday and set new tasks for solving: will the price settle above the overcome resistances, this is the level of 0.9950 and the upper line of the price channel and continue to grow to 1.0050, or will it return with a consolidation to the level of 0.9950 and then continue to descend to 0.9864 and 0.9724?

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The Marlin Oscillator on a daily scale is prone to a reversal of corrective growth from current levels, and the price’s exit above resistance will become a false signal. In this case, the downward channel will be abolished. The main events will take place tomorrow when the European Central Bank announces its decision on monetary policy.

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A price divergence is forming with the Marlin Oscillator on the four-hour chart. If this is not a reversal, then the probability of a sideways price movement. The safe waiting range is 0.9864-0.9950. The lower level (0.9864) is supported by the MACD indicator line.

The material has been provided by InstaForex Company – www.instaforex.com


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