The euro rose by 63 points on Tuesday, but this growth looks excessive against the background of the Russian oil price ceiling, which is already being prepared by the G-7 countries today and we also have the release of the minutes from the last hawkish meeting of the Federal Reserve. On the daily chart, the Marlin oscillator reacted weakly to yesterday’s growth, and this morning it is already moving down. The growth is probably over and now the price will head towards 1.0205.
The eurozone business activity indicators for November will be released today, forecasts are negative. Manufacturing PMI may drop from 46.4 to 46.0, the Services PMI forecast is 48.0 compared to 48.6 in October. Durable goods orders in the U.S. may rise 0.4% in October.
On the four hour chart, yesterday’s price growth looks flat, which is structurally closer to the consolidation, rather than a pronounced corrective growth. The growth occurred below the MACD indicator line. The Marlin oscillator is still in negative territory, almost touching the zero line. It is highly likely that there will be a synchronous price reversal from the MACD line and the signal line of the oscillator from the limit of the growth area.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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