FX.co ★ Forecast for EUR/USD on November 24, 2022

Forecast for EUR/USD on November 24, 2022

Yesterday morning, the euro was rising on speculative sentiment (there was no reason for the single currency to go down), and in the evening the release of the minutes from the last FOMC meeting supported this sentiment. The minutes accurately described the mood of the FOMC members, which has been providing optimism for the last two weeks: further rate hikes may be slower, with the rate approaching a sufficiently "restrictive" level.

Forecast for EUR/USD on November 24, 2022

But that optimism could vanish very quickly. Probably not today, as it is a national holiday in the U.S., but early next week. Breaking through the target level of 1.0470, it would seem, opens the way to the target of 1.0615/42, but a divergence is starting to form with the Marlin oscillator on the daily chart, so the price could fall in the medium-term before it reaches the range I mentioned. Also, the price is slightly above 1.0470 on the weekly chart, and there is the MACD indicator line (1.0485/90), which creates a strong resistance for the reversal.

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Forecast for EUR/USD on November 24, 2022

On the four-hour chart, the price has settled above the level of 1.0360. In case of a divergence and reversal, this movement will prove to be false. But for now, as the price grows above the balance and MACD indicator lines and Marlin oscillator moves up in the positive area, we expect the price to rise and be in the range of 1.0470/90.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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