On Friday, the euro fell by 39 pips. Despite the S&P 500 falling by 1.71% and oil prices dropping by 3.12%, the euro did not break below the support level of 1.0458. However, this morning it surpassed the highest point recorded in the last seven sessions. This increase may be attributed to the CDU/CSU political bloc’s victory in the Bundestag elections, led by Friedrich Merz, who received 29% of the votes. The Social Democrats, led by Scholz, managed to secure 16.4%.
The target range of 1.0534 to 1.0575 will be analyzed. Exiting this range will lead to a target of 1.0667, and from this level, a medium-term decline is possible.
The euro price has consolidated above the balance indicator line on the four-hour chart, and the Marlin oscillator has entered bullish territory. We will continue to monitor the progress of the euro’s upward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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