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Yesterday there was a sharp and strong correction in the yields of US government bonds. Yields on 5-year bonds fell from 4.19% to 3.97%, returning to levels of the 23rd. Following the yields, the stock market also corrected – the S&P 500 grew by 1.97%. Oil and gold rose. The euro added 143 points. The price reached the target level of 0.9752, reversed from it and is now breaking through the support at 0.9695.
We believe that the correction has ended due to the large price growth and strong resistance. The signal line of the Marlin Oscillator turned down. We are waiting for the price to overcome the supports 0.9625, 0.9520 and reach the level 0.9404. We expect a longer correction from this level. It is close to the February 2000 low (0.9399), which, taking into account the error in the 22-year history, can be taken as coinciding levels.
On the four-hour chart, the price is trying to consolidate below the level of 0.9695. The Marlin Oscillator is trying to move back into negative territory. We also note that yesterday's growth occurred under the balance indicator line (red), which indicates a purely corrective nature of this movement.
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