Amid neutral global events on Tuesday, weak data on construction in the US, and strong indicators for the Chinese economy, the dollar index lost 0.35%. The euro rose by 48 points. This growth marked the beginning of a correction from the movement between April 14th and 17th.
The Marlin oscillator reacted weakly to yesterday’s rise. The nearest strong resistance level is the February 2nd peak at 1.1033. Above it is the upper line of the descending price channel with the 1.1064 mark.
Today, the Eurozone CPI indicators will be released in their final assessment for March, which are expected to stay nearly unchanged, but the February figures could be reduced from 17.1 billion euros to 10.3 billion. Construction volumes may also show a decline. In the US, only the Beige Book will be released late in the evening. As a result, today may be represented by a black candle.
On the four-hour chart, the price is slightly stuck in a struggle with the MACD line. The balance line is also located here. The Marlin oscillator shows the intention to turn downwards from the neutral zero line. Consolidating above the MACD line at 1.0974, which coincides with the April 4th high, may prolong the development of the correction. Consolidating below this level will resume the decline towards the target of 1.0890 – the MACD line on the daily chart.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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