empty
 
 
31.10.2024 04:52 AM
Forecast for EUR/USD on October 31, 2024

The single European currency extended its gains yesterday, reaching the 23.6% Fibonacci retracement level, just shy of the target level at 1.0882. If the current correction follows Fibonacci levels, the euro may approach the U.S. elections within the 1.0935/50 range, defined by the 38.2% retracement.

This image is no longer relevant

For this scenario to play out, the price would need to rise above yesterday's high (ideally surpassing the resistance level at 1.0882), and the Marlin oscillator should move into positive territory. We await the formation of such a signal.

This image is no longer relevant

On the four-hour chart, the price is fully upward. It has consolidated above the balance, and MACD indicator lines, and the Marlin oscillator is rising rapidly alongside the price. The corrective rally continues.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback