Yesterday, the euro gained 97 points, entering the Monday-Tuesday range, when big players repositioned their positions. This morning, the euro continues to rise, but if our idea of a reversal from 1.0780 is correct, then the price will not stay above this level for more than a few hours.
The US employment data will be published today and unemployment is expected to fall from 3.6% to 3.5%, so we are waiting for the bears to attack the euro. The price’s final intention to move down will manifest itself when the support of the MACD line at 1.0682 is overcome. The target will be the 1.0493 level.
The price is in an ascending position on the four-hour chart, so we should wait for the price to drop below the MACD line at 1.0727. This will be the first signal for the development of a medium-term decline. The price exit above 1.0830 breaks the main scenario, in this case, growth to 1.0940 is possible.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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