Yesterday we saw slightly mixed but generally upbeat US reports. The S&P US Manufacturing PMI was 51.9 in March, slightly down from 52.2 in February, but at the same time, the ISM Manufacturing PMI increased from 47.8 to 50.3. New orders rose to 51.4 from 49.2, and the employment index was at 47.4, up from 45.9 the previous month. In addition, the Federal Reserve Bank of Atlanta raised its GDP forecast for the first quarter to 2.8% from 2.3%.
As a result, the dollar index rose by 0.48%, while the euro fell by 50 pips. The nearest target level at 1.0724 is about 10 pips away. Consolidation below it paves the way for the price to reach the next target at 1.0632 (May 2023 low). We expect a correction from this level, as the Marlin oscillator will reach oversold territory.
On the 4-hour chart, the price is falling below the balance and MACD indicator lines, with the Marlin oscillator in a strong bearish position, indicating no signs of a corrective reversal. We’re waiting for the price to consolidate below the support level of 1.0724.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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