Yesterday, the US dollar increased by 0.39%, while the euro decreased by 0.47%. This movement occurred alongside a 1.10% drop in the US S&P 500 stock index. The significant decline in the euro, as well as in other European currencies, aligns with the projections made in December following the end of the “Trump rally.”
For the euro to confirm a new downward trend towards target levels of 1.0250 and 1.0135, it is essential that the price consolidates below the 1.0350 mark. On the daily chart, the Marlin oscillator turned away from the boundary of the growth zone. The price reversed downward after twice piercing the balance line. The correction is now complete.
On the four-hour chart, the price’s decline has halted at the MACD line. The signal level has become the MACD line at 1.0338. A break below this level will initiate a move toward 1.0250. By that time, the Marlin oscillator is also anticipated to enter negative territory, further reinforcing the downward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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