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EUR / USD pair
On Tuesday, the euro declined by only 5 points. The single currency was supported by slightly improved ZEW business sentiment indices and deteriorated US home sales figures. The German business sentiment index rose from -17.5 to -15.0 in the current month, improved from -21.0 to -20.0 in the euro area while in the US, the home sales in the secondary market declined from 5.33 in December million to 4.99 million. As a result after the output of US data, the euro rose slightly and Marlin signal line ahead of the curve came out higher of the negative zone. Now, the price needs a new resistance to turn downward. This may be a balance line on the daily or four-hour chart with an increase of 10-20 points. A possible short-term price exit is expected in the range of 1.1394-1.1417, formed by the resistance on a daily basis and H4 charts. European PMI will be released on Thursday and Mario Draghi will speak at the ECB meeting, where, according to the general expectation of the market, nothing will change in a positive direction. Perhaps today, the price will continue consolidation or correctional growth, and tomorrow the decline will resume. The goals remain to be the same at 1.1302 and below 1.1150 / 95.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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