Yesterday, financial markets could not withstand the pressure of the media around the political situation around Ukraine and collapsed on a number of instruments to record levels. The US stock index S&P 500 was losing 4.5% at the moment, but closed the session with an increase of 0.28%.
Against this background, the euro was falling by 52 points, but having met technical support and changed his mind about panic, it closed the day with a loss of 19 points. Trading volumes were still large, they were higher only on January 18, so the potential for further price movement shifted to a fall.
The Marlin Oscillator on the daily scale chart began to decline in the negative area. Confirmation of a downward direction will be the price’s decline under yesterday’s low of 1.1291. At the same time, the price will overcome the MACD indicator line of the daily scale.
Tomorrow, markets are waiting for the Federal Reserve to confirm its intention to raise rates four (4) times this year. The target will be the 1.1170 level.
The convergence of the price with the Marlin Oscillator observed on the four-hour chart also represents a narrow ascending channel, so there is a high degree of probability of the exit of the signal line down from it. The signal line itself cannot yet cross the border with the growth area.
Nevertheless, the euro has a chance for growth. To realize such a chance, the price should go above the MACD indicator line, above the level of 1.1380. Tomorrow is a decisive day.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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