On Friday evening, investors tried to win back European Central Bank President Christine Lagarde’s statements about the Bank’s intention to raise the rate by 0.50%. Over the weekend, Mary Daly, head of the San Francisco Fed, countered Lagarde’s statement by suggesting a higher finish to the rate hike cycle and a longer hold on that rate if stronger economic data come in. The focus has been on the labor market, so Friday’s jobs data will be the main event of the week. But it is the anticipation of key data that adds to the uncertainty.
On the daily chart, the signal line of the Marlin oscillator slowed growth, because it has the zero line resistance ahead – the boundary of the growth area. The resistance is 1.0660. The price decided to continue to move sideways in the 1.0595-1.0660 range. As it was earlier, on March 1, the false move above the upper limit of the range is quite possible.
On the four-hour chart, the price bounced from the MACD line. Now the price seems to be stuck above both indicator lines. The Marlin oscillator is rising in the green zone. There is a high probability that the price will reach the target level of 1.0660, but I’m not sure that the optimism will extend to the price hitting the target range of 1.0758/87. Market participants are set for action on Friday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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