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28.10.202006:03 Forex Analysis & Reviews: Forecast for EUR/USD on October 28, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

EUR/USD

The dollar has been strengthening since the beginning of the week. Investors are starting to invest in Biden's victory in the US presidential election, as well as in obtaining a democratic majority in both houses of Congress. To strengthen the euro's downward movement, the price needs to settle below the target level of 1.1754. When this task is completed, the signal line of the Marlin oscillator will move into the negative zone, which will strengthen the trend. The first target after that will be the 1.1650 level. To consolidate the trend, the price also needs to gain a foothold below the red balance indicator line.

Exchange Rates 28.10.2020 analysis

The four-hour chart shows that the situation is completely decreasing, the price has settled below the balance and MACD lines, while Marlin is declining in the negative zone. We look forward to a decline in prices and reinforcement of the fall on the daily chart.

Exchange Rates 28.10.2020 analysis

Laurie Bailey
Analytical expert of InstaForex
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