Friday’s daily candlestick with a long lower shadow tells us that the bears on the euro have made their first and successful attempt to push the price away from technical resistances. The price has settled below 1.1033 and, due to the divergence, is striving to reach the support of the MACD line around the 1.0910 mark, which also coincides with the April 17th low.
It is likely that tomorrow, the signal line of the Marlin oscillator will move to the area of negative values, thereby increasing the technical pressure on the price, which rarely happens ahead of central bank meetings. Usually, investors keep the price in a neutral state on such days. Today, Europe is celebrating Labor Day, and movement may begin with the opening of the US session. The ISM Manufacturing PMI for April will be published – forecasted at 46.7 against 46.3 in March..
On the four-hour chart, the price has moved below the balance and MACD indicator lines, with the Marlin oscillator in the area of the downtrend. Of course, in the current situation, winding the price up to the MACD line seems like a common thing, but the bears’ influence is increasing day by day. The target is 1.0910, followed by 1.0804.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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