On Friday, the price closed below the balance indicator line on the daily chart. This morning, the price is trying to rise above the level of 1.0796. If it closes Tuesday above this mark, the next target will be 1.0905. However, the bullish potential will be weak, as the Marlin oscillator will continue to develop in the downtrend territory.
Today, the US Manufacturing Purchasing Managers’ Index for March will be published. Market players expect it to rise from 52.2 to 52.8. The ISM Manufacturing PMI is projected at 48.5, up from February’s 47.8. This will weigh on the euro. If the pair closes the day below the level of 1.0796, then we can confirm the initial signal that we saw on Friday, and the price may further fall to 1.0724. The second target is 1.0632 – the low of May 31, 2023.
On the 4-hour chart, the price fluctuates at the level of 1.0796. The Marlin oscillator is close to transitioning into the growth territory. If the price settles above this mark, Marlin will climb above the zero line, and such a combined signal will open the corrective target of 1.0820 – the MACD line on the considered timeframe. If the price settles above 1.0822, the target will be 1.0865. A break below Friday’s low will remove the risk of corrective growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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