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On Wednesday, the euro declined slightly further, approaching the lower boundary of the 1.0461–1.0598 range. The Marlin oscillator on the daily timeframe has reached the neutral zero line, signaling that the euro is prepared for the European Central Bank meeting results.
The market has fully priced in today's anticipated 0.25% rate cut, and Christine Lagarde is unlikely to announce anything groundbreaking. Even the Federal Reserve is expected to lower rates by 0.25% in December and pause in January (with a 75.4% probability of no rate cut). Given this, the overall market sentiment favors the dollar, considering the economic balance between the regions. Geopolitical factors also support the dollar.
From a technical perspective, a break below the 1.0461 support level as an initial reaction to the ECB's decision would pave the way for a test of the 1.0350 support level, with a secondary target at 1.0250.
On the 4-hour chart, the price has consolidated below the balance and MACD indicator lines, while the Marlin oscillator continues to develop in bearish territory. Based on both timeframes, the current trend remains downward. Reversing this trend would require an extraordinary event.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
