Yesterday’s European Central Bank meeting turned out to be softer than expected. Despite rising inflation, the central bank gave a hint of a rate hike only in the fourth quarter, as the overall economic situation in Europe is not in the best way. Likewise, the anti-COVID agenda remains alarming.
The euro closed the day down 54 points. This morning the price is trying again to go under the support level of 1.0820, obviously consolidating below it. The Marlin Oscillator slightly turned down. If the price settles below 1.0820, we are waiting for the price in the target range of 1.0636/70.
On the four-hour chart, the price reversed down exactly from the resistance of the MACD indicator line. This suggests that the short-term exit of the price above the red balance line was false, one might say, erroneous for a group of bullish players, since the price was developing all the time in a medium-term downward trend – below the MACD line. At the moment, the price has already settled below the balance line and may soon settle below the level of 1.0820. The Marlin Oscillator returned to the territory of the downward trend.
Today the markets of Europe and the US are closed for the Catholic Easter, on Monday Europe continues to rest, while the US has already gone back to work. We are waiting for the main events on Monday-Tuesday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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