Yesterday at the close of the session the euro broke support at 1.0470. Stock and commodity markets closed the day lower and we can assume that the currency market is desynchronizing with the related markets, which has been observed in recent weeks. As a consequence, in the event of a 0.75% Fed rate hike on December 14th, the stock market is most likely to fall, followed by the euro and other counter-dollar currencies.
There is still a chance that the price will break through the target range at 1.0615/42. Settling under 1.0433, i.e. under the MACD weekly line, will lower this possibility of the euro’s growth, the 1.0205 target will become available. The divergence, marked by the blue solid line, will be confirmed.
On the four-hour chart, the price is below the MACD line, the MACD line itself shows signs of a bearish reversal. The Marlin oscillator is in negative territory. The short-term trend is downward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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