In a troubled European political environment, the euro rose 38 pips yesterday, leaving the target range of 1.0758/87. Risk appetite returned as both the European stock market (Euro Stoxx 50 +0.82%) and the US stock market (Dow Jones +0.60%, Nasdaq -0.47%) grew. The growth of the U.S. government bond yields from 3.44% to 3.59% would have been caused by their sales also from the desire to take risks.
On the daily chart, the MACD indicator line (1.0863) acts as a clear resistance. The Marlin oscillator is set to rise. To reverse the whole situation, the price should fall below the lower limit of the range at 1.0758.
On the four-hour chart, the price is generally set to rise, as it is now above the balance and MACD indicator lines, and both lines are moving up. There is only one small circumstance that indicates the growth’s weakness – a reversal of the signal line of the Marlin oscillator from the zero line. If the price does not return to the range of 1.0758/87 in the next couple of hours, the reversal may not occur.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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