Yesterday we saw the same pattern, but this time the S&P 500 dropped 1.39%, while oil soared by 2.50%. The euro took the side of commodities, which neither Australian nor Canadian dollars did. The dollar was also pressed by the yen, which strengthened by 1.68%.
The euro has slightly redrawn the divergence on the daily chart, with about 20 pips left to the target level of 1.0964. It appears that the euro has the last chance to reverse from this level. If the price consolidates above the level, the divergence will disappear and the pair will continue to rise for another 1-2 figures.
On the 4-hour chart, the Marlin oscillator continues to indicate the euro’s weakness in last week’s gains, as it reversed sharply from yesterday’s local high. If the price overcomes the support of 1.0905 and along with it the MACD line, it will signal the euro’s reversal. If we do not wait for such a signal, the pair will continue to rise to 1.1043 through the intermediate target range of 1.1001/10.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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