On Monday, the market showed a renewed interest in risk: S&P 500 +0.31%, Euro Stoxx 50 +1.66%. But the main reason why the euro grew was increasing market expectations on the European Central Bank’s rates, which sharply rose up to 3.9% by the beginning of 2024.
As a result, the price overcame the resistance of 1.0595 and it is already aiming for 1.0660, deepening the correction, which we estimated was not deep. On the daily chart, the signal line of the Marlin oscillator turned up, helping the price reach the upper limit of the 1.0595-1.0660 range.
On the four-hour chart, the price tentatively consolidated above the balance and MACD indicator lines, the Marlin oscillator rooted in the growth area. The price could reach the 1.0660 target resistance. The general trend is a downward one, there are no reversal conditions, as before. Consolidating below 1.0585, i.e. under the MACD line, will bring back the bearish momentum with the intention to reach the target range of 1.0443/70.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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