The euro’s growth from yesterday was more than 80 points, but it could not do anything with the general strengthening of the dollar, with the expectation of an even greater discrepancy in the rates of the Federal Reserve and the European Central Bank, which eventually led the single currency to close the day with a black candle of 12 points. Today’s report on the eurozone PMI indices for April are expected to weaken.
The forecast for manufacturing PMI is 54.7 against 56.5 in March, expectations for non-manufacturing PMI are 55.0 against 55.6 a month earlier. We are waiting for a further decline to the target range of 1.0636/70. The Marlin Oscillator has not yet reversed from its zero line on the daily chart, which could slow down a potential price decline.
On the chart of the four-hour scale, the price and the readings of the indicators returned to the positions from yesterday morning. The only difference is that the MACD line slightly decreased, and now, for a reliable signal to decrease, the price should go under lower support, under the level of 1.0788. The bears’ pressure on the price is not light.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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