FX.co ★ Hot Forecast for EUR/USD from 21.10.2024

Even though the decline in construction activity in the Eurozone accelerated from -2.3% to -2.5%, the euro showed a semblance of growth. This was primarily due to the dollar's excessive overbought status. The construction data published on Friday was insignificant and could not significantly influence investor sentiment. Given that today's macroeconomic calendar is empty, the most likely scenario is a continuation of the sluggish corrective movement, favoring the strengthening of the euro.