Data on unemployment in the euro area for November was published on Monday, they were in line with the forecast – 7.2% against 7.3% in October. But during the day, stock indices fell across the eurozone and the US, and only recovered slightly closer to the close. The euro followed these trends and eventually closed the day with a black candle, but above the MACD indicator line on the daily chart, which it had already overcome.
In general, the technical situation does not change; the price is between the support at 1.1310 (MACD line) and the resistances at 1.1383 and slightly above 1.1415. The 1.1383 level is the upper border of the one and a half month sideways trend, the 1.1415 level is a signal for further price growth to 1.1570. Consolidating below 1.1310 will give it the opportunity to first work out the lower border of the range (1.1222), and then attack the support at 1.1170.
On the four-hour scale, at first glance, the situation seems to be ascending – the price is above both indicator lines and the Marlin Oscillator is in the growing trend zone, but this situation has been changing regularly for a month and a half. We are waiting for the price to settle above 1.1383, or below 1.1310 on a daily scale.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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