On Wednesday, the euro successfully consolidated above the 1.1266 level and the balance indicator line. The next target levels are 1.1420 and 1.1535. The Marlin oscillator is about to enter the area of upward trend momentum.
Today, strong economic reports are expected from the Eurozone. Germany’s IFO Business Expectations Index for May is forecast to rise from 87.4 to 88.0, while the Eurozone Composite PMI may increase from 50.4 to 50.7. In the U.S., the Services PMI for May is expected to rise from 50.8 to 51.0 points. These figures could help maintain market risk appetite.
The price continues its planned upward movement above the indicator lines and support levels on the four-hour chart. The Marlin oscillator has slightly pulled back to ease tension and prepare for further growth.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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