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Yesterday, U.S. President Donald Trump lowered tariffs to 10% for 90 days for countries that did not retaliate to the initial U.S. tariffs (more than 75 in total). Meanwhile, tariffs on China were raised to 125%. The S&P 500 stock index surged by 9.51%, the U.S. dollar index dipped slightly by 0.08%, and the euro closed with a modest decline after previously forming a 130-point upper shadow during the session.
Thursday has begun with renewed growth. After breaking above resistance at 1.1027, we expect the price to move toward the 1.1110/50 range. The Marlin oscillator is slowly turning upward.
On the H4 chart, the price briefly held above 1.1027 but then dipped below support at 1.0955. The bullish sentiment remains intact since there was no sustained close below this level.
We expect another firm move above 1.1027 and further growth toward the mentioned target range.
The Marlin oscillator has weakened and is currently lagging. A consolidation above 1.1027 would help the oscillator recover and support the uptrend.
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