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04.11.2026 04:57 AM1H chart of EUR/USD.
The EUR/USD currency pair traded exclusively sideways throughout Tuesday, while the only relatively important U.S. JOLTS report failed to trigger any market reaction, as expected. It is worth recalling that the market shifted its focus to the U.S. elections at the beginning of the week, and the first voting results from the United States began to come in overnight. As of the latest update, Democrats had won 45 Senate seats, while Republicans had secured only 35. In the House of Representatives, Democrats had won 80 seats, compared with just 42 for Republicans. These figures should not be used to draw sweeping conclusions, as the results are preliminary. However, even at this stage, it can be said that the Democratic Party is highly likely to secure a decisive victory. The market reacted to the initial counts quite clearly, with long-awaited selling of the U.S. dollar, which had been strengthening in recent months on virtually any news. The view remains that the trend should reverse and that the euro should significantly improve its position by the end of the year.
5M chart of EUR/USD.
Three sell signals formed on the 5-minute timeframe on Tuesday. The price rebounded from the 1.1198–1.1218 level three times but failed to post any significant decline, as volatility was virtually nonexistent that day. Overnight, a buy signal formed when the price broke above the 1.1198–1.1218 level, providing a potential trading opportunity for beginners. High market volatility is expected throughout Wednesday and through the end of the week.
On the hourly timeframe, EUR/USD maintains a downward trend, which constitutes a well-established trend, and continues to trade sideways between 1.1114 and 1.1267. The euro has been unable to stage a meaningful correction in recent weeks, but the possibility of an upward trend remains. Considering all the events of recent months, the euro was not expected to decline sharply. At present, the U.S. dollar is significantly overbought, while numerous factors supporting the euro's appreciation are being ignored.
On Wednesday, beginners may consider opening short positions if the price rebounds from the 1.1267–1.1275 level, with a target of 1.1198–1.1218. Buy trades may be considered if the price closes above the 1.1267–1.1275 level, with a target of 1.1366–1.1377.
On the 5-minute timeframe, the following levels should be considered: 1.1011, 1.1104–1.1114, 1.1198–1.1218, 1.1267–1.1275, 1.1366–1.1377, 1.1461–1.1474, 1.1527–1.1531, 1.1584–1.1594, and 1.1655–1.1665. Numerous important events are scheduled for Wednesday. These include the U.S. election results, the ADP U.S. employment report, the ISM business activity index, and the euro area inflation report. Volatility could be very high today.
Support and resistance price levels (areas) are levels that serve as targets for buy or sell trades or as sources of trading signals.
Red lines represent channels or trendlines that illustrate the current trend and indicate the preferred trading direction.
The MACD indicator (14, 22, 3) consists of a histogram and a signal line. It is a supplementary indicator that can also be used to generate trading signals.
Important speeches and economic reports (listed in the economic calendar) can have a significant impact on currency pair movements. Therefore, trading should be approached with extreme caution when these events are released, or positions should be closed to avoid a sudden price reversal against the preceding movement.
Beginner forex traders should remember that not every trade can be profitable. Developing a clear trading strategy and applying sound money management are essential to long-term trading success.
