On Tuesday, the euro reached the target level of 1.0724 and bounced upwards from it, closing the day with a 25-point increase. The S&P 500 stock index fell by 0.72%. Overall, the euro is not showing extraordinary behavior (according to technical indicators), so we expect the downtrend to persist.
After breaking below the support at 1.0724, the price will continue to move towards the next target of 1.0632 – the May 2023 low (which is also the low of September 15, 2023).
On the 4-hour chart, the price is progressing below the balance and MACD indicator lines. The signal line of the Marlin oscillator indicates an intention to turn down from the zero line, and a short-term break above the zero line is expected to be a false move. We don’t expect the price to exceed yesterday’s high, and instead it will head towards support at 1.0724.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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