The pressure on the euro has increased slightly over the past 24 hours, as the yield on US government bonds continues to rise, and St. Louis Fed President James Bullard stated that an adequate interest rate is 5.75%. Investors did not pay attention to the slight increase in the core CPI and the growth of the eurozone’s balance of payments.
The signal line of the Marlin oscillator is now clearly directed downwards, and the situation is moving towards the price reaching the support of the MACD line at 1.0892 on the daily chart.
Overcoming this support will open the next target at 1.0804 – the peak of February 14th. On the four-hour chart, the price has consolidated below the balance and MACD indicator lines, and the Marlin oscillator is developing a downward cycle.
I expect the price to reach the first target level of 1.0892. If the price settles above the MACD line and higher than yesterday’s peak of 1.0985, it may disrupt the main plan and send the price higher to the target level of 1.1033. The second target is 1.1057.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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