This morning, the euro is correcting higher, reaching the important resistance level of 1.0834. The signal line of the Marlin oscillator is rising on the daily chart, helping the price surpass the level. Rising above it will mean that the next target will be 1.0865, and then 1.0931, which is close to the MACD line.
The unemployment rate in Japan increased to 2.7% in July, according to the Statistics Bureau’s report on Tuesday, against expectations that it would remain unchanged. On Thursday, an increase in unemployment is expected according to data in Germany. We believe that the rise in unemployment is gradually becoming a global trend, and as a result, on Friday, we will see a rise in unemployment in the US with weak “non-farms”. Under such circumstances, the euro has good potential for growth in the short-term perspective.
On the four-hour chart, the price has touched the MACD line. The Marlin oscillator has confidently moved into the positive territory. Apparently, the euro has already set its nearest target at 1.0865.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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