The euro did not repeat its attempt to overcome the signal level of 1.1375, and by this morning it has been slowly declining for the third day. On a daily scale, the Marlin Oscillator is retreating from the local high. Obviously, investors are waiting for today’s data on employment in the US, which can (like inflation) further strengthen the dollar. The forecast of labor data is as follows: November unemployment may decrease from 4.6% to 4.5%, 550,000 new jobs can be created in the non-agricultural sector (against 531K in October), an increase in the average hourly wage per month is 0.4% (5.0% y/y).
The forecast for the growth of industrial orders for October is 0.5%, and in Canada, the decline in unemployment is expected to be 6.6% from 6.7% earlier. The general stream of positive statistical forecasts suggests that the data on labor in the US will come out good. As a consequence, the euro is likely to fall to the target level of 1.1170. Overcoming the first target opens the second – 1.1050.
On the H4 chart, the Marlin Oscillator has moved into the negative zone. The final confirmation of the downward direction is when the price overcomes the support of the MACD line at 1.1244.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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