EUR/USD Consolidates Ahead of Fed Speakers and House VoteEUR/USD is consolidating below 1.16 after yesterday’s positive close, which took the pair to a two-week high.Investors are waiting to hear from Federal Reserve officials amid the ongoing data drought. However, the US government shutdown is expected to end in the coming days, which would see data released again soon. The House will vote today on the spending bill to fund the government until the end of January.Data from yesterday showed that private employers shed an average of 11,250 jobs per week over the four weeks ending October 25. The data revived concerns over the health of the US labour market, driving the US dollar lower.The data comes after Challenger job cuts last week showed that US firms cut 153,000 jobs in October, the highest level for that month in two decades.Fed policymakers acknowledged worsening conditions in the labour market as a reason for cutting interest rates, saying a worsening in the outlook could lift rate cut expectations.The economic calendar shows no high-impact data scheduled for Wednesday. However, US stock futures are rising with risk flows dominating the markets, which could offer some support to EUR/USD.In the eurozone, German inflation figures confirmed that CPI rose 2.3% year on year in October, in line with the preliminary figure. Wholesale inflation rose 0.3% month on month in October, up from 0.2% in September, beating forecasts of 0.1%. This could be considered supportive for the euro.The ECB left interest rate unchanged for 3rd straight month as inflation remains close to the 2% target. The central bank is not expected to cut rates again this cycle.EUR/USD Forecast – Technical AnalysisEUR/USD trades within a falling channel dating back to mid-September’s 1.920 high. The price found support at 1.1470, recovering to its current level of 1.1580, testing the upper band of the falling channel.A rise above here exposes the 50 SMA at 1.1670 and then brings 1.17 into focus ahead of 1.1780.Failure to break out keeps the downtrend intact. Support is seen at 1.1540, and a break below 1.1470 creates a lower low. From here, attention will turn to 1.14.Oil Prices Fall Ahead of OPEC’s Monthly Report.Oil prices have slipped below $61.00 a barrel, halting a three-day rally, as investors await a report on the global crude outlook. OPEC is due to release its monthly market report later today, followed by the International Energy Agency’s annual energy assessment, which will shed light on projections across next year amid oversupply concerns.Worries over oversupply have weighed on oil markets in recent months as OPEC+ increased output to raise its market share. This comes at a time when the US is seeing record production. China’s filling up of strategic reserves has countered some of this excess supply; however, concerns of a supply glut have lingered.Still, oil prices had risen in recent sessions as US sanctions on Russia began to disrupt crude markets. Lukoil declared a force majeure at an Iraqi oil field, marking the most significant fallout from the sanctions imposed by the White House last month.Furthermore, Saudi Arabia, Iraq, and Kuwait plan to increase shipments to India in December as refiners look for alternatives to Russian supply.Meanwhile, optimism that the US government shutdown will soon end is considered a positive for oil prices, potentially lifting the demand outlook.Oil Forecast – Technical AnalysisAfter reaching 70.00 in July, oil has formed a series of lower highs and lower lows, before running into support at 56.00 last month. The price has attempted a recovery from this low and could be trading in a bull flag pattern. Buyers are attempting to break out of the falling channel, testing resistance around 61,50.Buyers will need a close above 61.50 and extend gains towards 62.50; a rise above here would create a higher high and expose the 200 SMA at 64.75.Failure to retake 61.50 could see the price test support at 60.00. A fall below 58.40 invalidates the bull flag pattern and brings 56.00 back into focus.Original Post