So, the euro failed to cope with the strong resistance of the 0.9864 price level and the MACD line of the daily scale, turning around from the point of their coincidence and falling by 85 points. At the same time, there was an exit from risky assets on the market: S&P 500 -0.87%, 5-year US government bonds increased in yield from 4.22% to 4.36%. It may seem that the growth of yields is a sign of investors looking for profitable investments, and this is true, only investments in the dollar now act as such a conditionally reliable investment – long positions on the dollar since the end of September have been the largest in recent years.
Investors also notice that the economic situation in the US continues to be much better than in Europe. Yesterday’s data showed a 0.63% fall in construction in the eurozone in August, slightly slowing down the pace of construction in the US in September, with an increase in building permits by 1.4% in September.
The price is approaching the target level of 0.9724 on the daily chart. The signal line of the Marlin Oscillator has penetrated into the territory of negative values, which indicates a high probability that the price will successfully overcome the support. And when this happens, a new target of 0.9520 will open before the euro.
On the H4 chart, the price has overcome the support of the MACD line, Marlin is falling in the negative territory. The trend is downward on both timeframes, we are waiting for the euro’s succeeding decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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