On Tuesday, the euro continued to rise but this time, unlike on Monday, amid declining stock indices: S&P 500 -0.16%, Nasdaq -0.45%. The U.S. government bonds continued to grow as the 5-year paper rose from 3.59% to 3.67%. As a consequence, we expect a reversal of the EUR/USD pair soon.
On the daily chart, the price has two dozen points to the target resistance at 1.0863, which is the MACD indicator line. If for some reason the price manages to climb above this resistance, the next target will be the upper limit of the descending channel at 1.0915. The reversal will be confirmed once the price returns to the bears’ target range at 1.0758/87. On the daily chart, the signal line of the Marlin oscillator starts to turn downward.
On the four-hour chart, the price visually slows down before the target level of 1.0863. This slowdown is also confirmed by the Marlin oscillator, which is in a neutral position. Trading in the 1.0758/87 range also means that the price can break through the support of the MACD line, which will increase the technical pressure on the price. The 1.0660 target will open.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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