Yesterday was a volatile day for all major currencies. The euro traded within the range of 1.0825-1.0905 with a slight overlap. The Marlin oscillator is currently recovering, and the price is moving above the MACD indicator line on the daily chart, which it has yet to surpass. So we are still aiming for a breakthrough of 1.0905 and have the price rise to 1.1033 or even higher.
Today, the eurozone will publish the Manufacturing PMI data for January, with a forecast of 44.8, compared to December’s 44.4. The U.S. Manufacturing PMI data is also expected to rise to 48.0 from December’s 47.9. We expect risk appetite to rise, especially considering that U.S. stock markets closed mixed yesterday. Tomorrow, the European Central Bank will announce its vision on monetary policy, and there are already rumors that the ECB may adopt a stricter stance than the Federal Reserve in its meeting next week.
On the 4-hour chart, the price and the oscillator have formed a convergence. We can confirm the price’s intention to turn upward when it moves above the MACD line and beyond the 1.0877 level. After that, the price may aim for the 1.0905 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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