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The euro started the New Year on a bearish note, with a decline of over 90 pips yesterday, reaching the target level of 1.0250. However, the daily chart shows that the signal line of the Marlin oscillator is turning upward, which indicates a slowdown in the euro's downward momentum and suggests potential consolidation. The expected upper limit for this consolidation or correction is the resistance level at 1.0350.
Today, Germany is set to release employment data, which is expected to show a slight increase in the unemployment rate from 6.1% to 6.2%. Additionally, the US ISM Manufacturing Index for December is projected to dip slightly to 48.3, down from November's reading of 48.4. As a result, the euro has potential for movement within the range of 1.0250 to 1.0350. If it breaks below yesterday's low of 1.0225, it could lead to further declines towards 1.0135.
On the four-hour chart, the price is making a slight recovery from the 1.0250 support level following a sharp decline yesterday. This price reversal is supported by the Marlin oscillator, which is easing as it approaches oversold territory. The 1.0350 resistance level is expected to be reinforced by the approaching MACD line, indicating that the price may struggle to reach this level.
We are waiting for the correction to conclude and for a renewed attempt to break below the 1.0250 support level.
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