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On Monday, the euro corrected by 70 points from the previous 5-day strong fall. Technical support was provided by the MACD line on the daily scale chart. The Marlin oscillator marked this 40% correction with a very short segment, which indicates the intention of the trend to resume its decline soon. The goal of this trend is the embedded line of the price channel at 1.0978.
On the four-hour chart, the price, without changing the trend to an increasing one, still has a margin of about 130 points, up to the MACD line in the 1.1300 area. The price can turn around in the target range of 1.1240-1.1300, the lower boundary of which is formed by the peaks of March 16 and December 31.
The output of the signal line of the Marlin oscillator to the zone of positive values may be false in this case. Or the price will turn down even earlier, before the price enters the specified range.
The economic indicators of the eurozone and the United States will be released today. The ZEW index of business sentiment in the eurozone for March is expected to fall from 10.4 to -23.1 points, US retail sales for February may show an increase of 0.2%, industrial production for the same month is expected to grow by 0.4%. If the data comes out close to forecasts, it can convince investors of the correctness of their actions with purchasing the dollar. According to the latest data, 3,791 people were infected with coronavirus and 65 died in the United States, while 7,884 were infected and 292 died in Spain alone, (5,813 and 13, respectively in Germany).
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