The major currencies traded with increased volatility due to yesterday’s US inflation report, but the overall trends, nevertheless, did not change.
The upper shadow of the EUR/USD pair, as we estimated in yesterday’s review, pierced the upper limit of the target range at 1.0758/87, touched the MACD indicator line and returned below this range. The signal line of the Marlin oscillator grows sluggishly, the bulls’ potential after yesterday’s unsuccessful surge may be exhausted.
On the four-hour chart, the price made a false breakout above the MACD line yesterday, returned under it and settled under this line. The Marlin oscillator, as well as the price, is under pressure. Now the signal for continuing the decline is when the price overcomes yesterday’s low at 1.0707. The nearest target is 1.0660, then 1.0595.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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