Yesterday, thanks to the report on the final estimate of US GDP for the first quarter, which turned out to be better than expected, the US dollar strengthened by 0.35%. The euro lost 47 pips. On the daily chart, the price settled below the range of 1.0910/30. Now the price can reach the target range of 1.0789-1.0804.
The MACD line is approaching this range, increasing its importance. Consolidating below this range will be a key indicator of the euro’s medium-term uptrend. Around the same time, the Marlin oscillator will move into negative territory.
On the four-hour chart, the Marlin oscillator signal line stayed within the downtrend area yesterday. The price briefly moved above the range and the balance line. We expect further developments within the support range of 1.0789-1.0804.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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