Forecast for EUR/USD on October 24, 2023
October 24, 2023 5:25 amVideo
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EUR/USD
Yesterday’s wait-and-see approach yielded a positive result – late in the evening, the euro broke above the Fibonacci golden ratio and the resistance range at 1.0613/1.0640, signaling its intention to continue the medium-term uptrend. To solidify this intention, the price needs to break above the MACD indicator line around the 1.0714 mark.
A significant factor in the euro’s rise was the increase in yields on U.S. government bonds. Today, PMIs for October will be released for the eurozone and the United States. In the eurozone, the Manufacturing PMI may increase from 43.4 to 43.7, while in the United States, the Manufacturing PMI is expected to weaken from 49.8 to 49.5. This also presents a risk for the U.S. dollar.
The target level at 1.0687 acts as resistance, which corresponds to the September 7th low. The prospective growth target is the peak from August 30th at 1.0946, which is close to the 61.8% Fibonacci retracement level.
On the 4-hour chart, the price has consolidated above the 1.0640 level, continuing to rise above both indicator lines. The Marlin oscillator is also in an upward position. We are expecting the price to advance toward the nearest levels at 1.0687 and 1.0714.
The material has been provided by InstaForex Company – www.instaforex.com
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