Yesterday, the euro tried to return to the area above the upper limit of the global range (1.0360), but it closed the day by falling 9 pips. As a result, technically nothing has changed, even on the lower time frames. Like yesterday, the price, under pressure due to divergence on the daily chart, is trying to reach the target level of 1.0205.
The stock indices closed yesterday mixed, but mostly in the red zone. The probability of the Federal Reserve rate hike by 0.75% at the December meeting is at 15%. Also, market participants are tuning in to the good employment data on Friday – the Nonfarm payrolls forecast is 200,000. The yields on the U.S. government bonds continue to climb slowly.
On the four-hour chart, the price continues to struggle with the balance indicator line. When the price settles below the line, it will indicate the bears’ victory and a change in the short-term balance of power. In this case, the Marlin oscillator signal line staying in the negative area helps the bears. We expect the price to reach the target level of 1.0205.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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