Euro fell under the balance line, and today opened around this area. The Marlin oscillator on the daily chart also reversed without reaching the border of the upward channel. Risk appetite may be low today because of the US holiday.
The November industrial production report for the eurozone will come out, and it may demonstrate a 0.3% decline, following the -0.7% in September. This will push euro down to the support level of 1.0905. Falling further will open the chances of a decline to 1.0825, which the MACD line already reached earlier. Subsequent movement will depend on whether or not this scenario will happen.
On the four-hour chart, the pair remained above the balance line, while the Marlin oscillator also remained at the area of the upward trend. There may be further growth, but it will not be massive, only up to the MACD line at 1.1001, which coincides with the top of January 11. This means that the pair will trade in the range of 1.0905-1.1001.
Important news, such as the release of industrial production report and retail sales data in the US, will be released on Wednesday, so there may not be any good movement before that.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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