The EUR/USD pair has managed, although with some difficulty, to break beyond the 1.0350 resistance level. However, its attempt to approach the 1.0461 level was halted by the balance line indicator on the daily timeframe.
The signal line of the Marlin oscillator indicates a potential reversal from the edge of the growth territory. It seems that the two-day correction may be nearing its end. To confirm this reversal, the price needs to stabilize below the 1.0350 level. On the four-hour chart, the price has risen above the MACD line but has not managed to stay above the balance line.
There is a possibility of a false breakout, which means that the price may soon drop back below the 1.0350 level, confirming a move under the MACD line. Additionally, the Marlin oscillator appears ready to fall below the zero line.
Yesterday’s increase in the euro was attributed to a weaker-than-expected rise in the U.S. Services PMI for December, which recorded a value of 56.8, compared to the forecast of 58.5. However, this figure still indicates growth from November’s reading of 56.1. Today, the ISM Services PMI is also expected to increase from 52.1 to 53.2.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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