Last Friday, the euro rose by 48 pips, continuing its correction from the breached support at 1.0250. This corrective movement could persist today, as there appears to be no significant obstacle preventing the price from reaching the target resistance at 1.0350.
Today, the Services PMI for the eurozone in December will be published, with a forecast of 51.4 compared to 49.5 in November. The Services PMI for the US will also be released, with a forecast of 58.5 against the previous 56.1. However, US Factory Orders for November are expected to show a decline of 0.3%, which could provide the euro with an opportunity to gain further.
On the H4 timeframe, the target level of 1.0350 is reinforced by the proximity of the MACD line. If, at the moment of price testing this level, the Marlin oscillator reaches its neutral zero line, a synchronized reversal downward could occur, leading the price to resume its trend-based decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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