Yesterday’s trade was moderate since the US was celebrating a national holiday, but in spite of that markets are still moving away from risk – Lockdowns are expanding across China and market participants are afraid of new gaps in production and trade. The U.S. is still celebrating its holiday, although trade will resume – but it will be short.
The euro tried to reach the target at 1.0470 and now, after a failed attempt, it might fall under 1.0360. The signal line of the Marlin oscillator is going down, which sharply increases the probability of a reversal without a divergence, which is another sign that the price growth that started since the end of September has a corrective nature. Essentially there were no major changes during the day – the price is between the levels 1.0360 and 1.0470, and the potential to rise to the target range of 1.0615/42 is still there, even though it has weakened.
On the four-hour chart, the price slightly fell before it could rush into the target range of 1.0470/90. A price reversal with a divergence may follow from here. Settling above this range may push the pair to rise to the target of 1.0615/42. Settling below 1.0360 and the MACD line at the same time, will encourage the price to reach 1.0205.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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