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06.05.2024 04:56 AMEUR/USD
On Friday, the euro surged after the release of US employment data, as 175,000 jobs were created in the non-farm sector against expectations of 238,000, while unemployment rose from 3.8% to 3.9%.
The quote briefly exceeded the target resistance of 1.0796 and tested the MACD line on the daily timeframe, after which it returned to the intermediate level of 1.0757. However, it did not consolidate above it. The Marlin oscillator entered the positive territory but is already showing signs of a downward reversal. Today, the price must close below the level of 1.0757.
On the 4-hour chart, Marlin formed a narrow wedge at the reversal point. It likely aims to bring back the downward move. After the price consolidates below the level of 1.0757, the target will be 1.0724. Just below it lies the support of the MACD line around 1.0702.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
