The euro ended Friday up by 48 points, closing above the target level of 1.0032. The upper shadow broke above the MACD indicator line. Today it opened exactly on the MACD line and growth was shown in the first hours of the trading session. Also, the Marlin Oscillator went into the positive area.
At first glance, the price seems to be aiming for and even above the 1.0150 target level, which will create a deep correction from the decline since June (above 1.0360), but this plan has a serious obstacle in the desire of large players to avoid risk, which is primarily manifested in the stock market. We are waiting for its decline from day to day.
We have already said that Friday’s growth was associated with the buyout by large players in order to avoid a strong decline on the occasion of the European Central Bank rate hike and the death of Elizabeth II. Reinsurance turned out to be excessive, which affected today’s opening with a gap.
In the current situation, we do not expect the euro to rise above the resistance of 1.0150. A decline below 1.0020 will open the first bearish target at 0.9950. If the price settles above 1.0150, then an alternative plan will open with a large degree of uncertainty and a target of 1.0360.
The price is still in a growing position on the H4 chart. The 1.0150 target is relevant, but we are following the growth with increased caution. The gap can close today, maybe in a day, maybe in a month…
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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