Unfortunately, the euro did not gain enough support to build up its bullish potential, while the bearish potential received support. Yesterday’s daily candle closed below the balance line indicator. This morning, the price reached the nearest support level at 1.0552. However, crossing this support level does not guarantee that the price will reach the lower target of 1.0453, as the Marlin oscillator’s indicator line remains in positive territory.
The main event on today’s agenda will be the outcome of the European Central Bank meeting on monetary policy, followed by a speech by ECB President Christine Lagarde. Market participants expect the ECB to soften their stance due to the impending recession in Europe.
In general, bearish sentiment prevails, but we won’t preempt events until the Federal Reserve meeting on November 1st. The nearest bearish targets are indicated on the chart: 1.0483 and 1.0453. There is a lot of work to be done in order for the price to recover. First, it needs to break out of the 1.0613/40 range, and then it must overcome 1.0687 simultaneously with the MACD indicator line.
On the 4-hour chart, the price is falling below the balance and MACD indicator lines, and the Marlin oscillator is falling in the downtrend. We can confirm the initial signal for the decline once the price consolidates below the nearest support level at 1.0552. After that the pair can aim for 1.0483. We’ll also need to wait for the market’s reaction to Lagarde’s speech.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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