The euro continues to closely follow the stock market’s movements. Yesterday, the S&P 500 index corrected from Tuesday’s decline, showing a 0.96% increase. We outlined our main points in yesterday’s review, so today, we are taking a wait-and-see position.
On the daily chart, the euro has shown moderate growth in the upper half of the descending price channel both yesterday and this morning. A small convergence has formed with the Marlin oscillator. Apparently, traders are not in a hurry to anticipate events, so the convergence will guide the euro into sideways movement, slightly above the support at 1.0724, where the price may gather strength to show a firm downward movement.
On the 4-hour chart, the price has already managed to consolidate above the level of 1.0724, but it is noticeably below the MACD indicator line (1.0768). Overcoming this line will allow the price to test the upper boundary of the daily price channel (1.0790). Only a break above the channel will postpone the euro’s decline for an indefinite period.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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