The euro seems to have given up its attempt to reach the target range of 1.0534 to 1.0575. To confirm this reversal, today’s session must close below the 1.0458 level. If that does not occur, the pair may still try to reach the target range.
Overall, the upward corrective trend remains intact, as the price is still above the indicator lines, and the Marlin oscillator continues to operate in positive territory. Additionally, the stock market is on the rise, and risk appetite remains strong. The yield on 5-year U.S. Treasury bonds has been in a prolonged range of 4.33% to 4.48% since December 20 of last year.
On the four-hour chart, the price has consolidated below 1.0458, and the Marlin oscillator has consolidated in negative territory, indicating a strengthening downside potential. The only remaining obstacle is the MACD line at 1.0396. The likelihood of breaking below this level has now increased to 65%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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