On Friday, the euro fell by over 80 pips and stopped in the target range of 1.0635/56 (the May 2023 low). The price may take a break in this area, as the signal line of the Marlin oscillator on the daily chart has left its own descending channel and may want to return to it.
However, since no reversal technical signs have formed, the correction will not last long. After the price falls below the lower boundary of the range at 1.0636, the next target will be 1.0567.
On the 4-hour chart, there are also no signs of a reversal, indicating a shallow correction. If the price consolidates below the level of 1.0636, it will have a smooth path to 1.0567. US retail sales are expected to increase by 0.4% in March. This report may affect the pair’s movement today.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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