After a strong rise on Monday, yesterday the euro lost 25 pips from the resistance at 1.0905, without testing its fate ahead of the European Central Bank meeting on Thursday. As a result, a divergence formed on the daily chart, which suggests that the price will likely fall today.
In the evening, the Bank of Canada may cut the rate from 5.00% to 4.75%. The US composite PMI is expected to increase from 51.3 to 54.4 in May, and according to the ADP private sector employment estimate for May, 173,000 new jobs are expected. All these economic indicators suggest that the dollar may rise. The pair has shown high trading volumes since Monday, so investors may not make significant decisions today. We expect the pair to edge down.
On the 4-hour chart, yesterday the price stopped falling as it approached the MACD line. Today, the price may attempt to test this support again (1.0858). The Marlin oscillator also did not dare to break the boundary of the downtrend yesterday. Tomorrow, the price and the oscillator will likely encounter the ECB’s decision at their neutral levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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