Yesterday’s data on business activity in Europe and the United States worked in favor of the US, as manufacturing activity increased from 44.4 to 46.6, while services fell from 48.8 to 48.4. At the same time, US stock markets closed the day mixed, reaching strong technical resistance.
As a result, the euro did not receive significant technical support for its growth. However, the price could also rise due to unjustifiable optimism ahead of today’s European Central Bank meeting. If the stance of the ECB officials has not changed in recent days, we can expect a moderately hawkish tone in the final statement, which could support the euro.
The euro will find support if it breaks above the resistance at 1.0905, preferably surpassing yesterday’s high at 1.0933. Currently, the price is above the MACD line on the daily timeframe, which maintains a positive bias.
On the 4-hour chart, the price has settled above the MACD indicator line, and the Marlin oscillator has entered the growth territory. Although visually, the price and the oscillator may “dip” below their supports, yesterday’s bullish breakout makes more sense if we look at the reports.
We are waiting for the ECB’s decision on monetary policy. Considering the upcoming Federal Reserve meeting, the euro is unlikely to experience a significant decline if today’s central bank meeting turns out to be dovish. Target levels on the charts have been adjusted due to new technical conditions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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