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By the end of yesterday's trading session, the euro consolidated above the balance indicator line, supported by the growth in the stock market. The Marlin oscillator indicates a potential reversal but continues to rise within positive territory. The price outlook remains bullish, aiming for the 1.0458 level. A breakout above this resistance could pave the way towards the target range of 1.0534 to 1.0575.
However, strong U.S. labor data expected tomorrow may impede this upward movement. The likelihood of better-than-forecasted data (154,000 new jobs) is low, considering that weekly jobless claims have been on the rise over the past month.
On the four-hour chart, the price has paused its ascent at the MACD line. A breakout above this line, specifically at 1.0424, would signal a potential move past the 1.0458 resistance. The Marlin oscillator continues to show upward momentum in positive territory.
Additionally, today the Bank of England is anticipated to reduce its interest rate from 4.75% to 4.50%. The expected vote distribution for this rate cut is 8:1. If the committee votes unanimously, this could put additional pressure on the euro.
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