Wednesday was generally spent waiting for today’s US inflation data. However, optimism and risk appetite prevailed; the S&P 500 rose by 0.57%, gold fell by 0.26%, and the euro gained 40 pips and continues to rise this morning.
On the daily chart, the euro is rising above the balance indicator line, but the Marlin oscillator has not yet left the downtrend territory. It may leave this area after the reports are released. In this case, the price may aim for the nearest level at 1.1033. The subsequent move above this level will open up the second target at 1.1076. Beyond that is 1.1185, the peak from March 2022.
On the 4-hour chart, the price has not yet received a full-fledged bullish signal, as it needs to climb above the MACD line, above the 1.1018 level. In general, the nearest resistance can be seen in the range of 1.1018-1.1033. The Marlin oscillator is confidently moving in the uptrend territory.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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