As anticipated, U.S. employment data exceeded expectations, leading to a 0.44% strengthening of the dollar index, while the euro declined by 52 pips.
The price has broken through the intermediate level at 1.0250; however, a divergence with the Marlin oscillator is beginning to form on the daily chart. This indicates that the support level at 1.0135 may only be reached after breaking Friday’s low of 1.0214. The situation for bears is further complicated by the fact that Friday’s price action accurately tested the embedded line of the weekly timeframe price channel.
Further movement toward the next target at 0.9920 (highlighted by the red line of the price channel) is only possible if the price consolidates below last week’s low of 1.0214. The intermediate level has now been updated to 1.0214, and the market is waiting for further developments. A correction toward the 1.0350 resistance level is also a possibility.
On the H4 timeframe, a divergence is visible. The price is currently moving within the 1.0214 range with a slight bullish bias. However, upward movement may be capped by the MACD line at 1.0295. If this resistance is breached, the next target will be 1.0350.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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