Yesterday’s much-anticipated quarterly report from Nvidia showed earnings of $1.05 per share versus a forecast of $1.01. The company’s stock experienced significant volatility due to a decline in data center profits, but the overall optimistic mood propelled the S&P 500 to a new all-time high. Risk appetite rose again, and the dollar index dropped by 0.05%.
The euro closed the daily candle above the 1.1632 level. Thursday has started with growth. The Marlin oscillator, having recently moved into negative territory, is now trying to return to the growth zone. The market may attempt to price in another Federal Reserve rate cut before an eventual, decisive reversal.
In this case, the euro could test the upper edge of the price channel at 1.1878. To confirm this scenario, we need today’s session to close with a white candle and Marlin to enter positive territory. The first target is 1.1755—the MACD line. If today and tomorrow both close below 1.1632, the currently prevailing bearish scenario will be confirmed, with the first target at 1.1495.
On the four-hour chart, the price has widened the “free roaming” range centered on 1.1632. Currently, Marlin is in a neutral position. In such a situation, indicator readings are inconclusive. Only the MACD line around 1.1680 may serve as a local resistance.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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