FX.co ★ Forecast for EUR/USD on October 26, 2021

The euro showed unexpected weakness yesterday, dropping -0.22% against the overall growth of counterdollar currencies and other instruments: AUD/USD 0.34%, GBP/USD 0.13%, gold 0.83%, S&P 500 0.47%. The reason for the euro's weakness was the deteriorating performance of Germany's business activity from the IFO in October: the business expectations index fell from 97.4 to 95.4, the business climate index fell from 98.9 to 97.7.

In today's Asian session, the euro's position is offset. On the daily chart, the trend did not break - the signal line of the Marlin Oscillator is turning upwards from the zero line for the second time in the last four days. As before, we expect the price to confidently move up after the price has overcome the signal level of 1.1669. The first target of this movement is the 1.1750 level.

On the four-hour chart, the price settled below both indicator lines and Marlin sharply returned to the negative zone. Here the situation is decreasing, but it will change if the price overcomes the resistance of the MACD line above the level of 1.1625. Consolidating below the level of 1.1575 will break the upward sentiment of the European currency. At the moment, the situation is not trading, we are waiting for the development of events. The main scenario is on the rise.