A strong US employment report came out last Friday: 916,000 new jobs were created in March, the revision for February and January added another 156,000, the unemployment rate fell from 6.2% to 6.0%, while the share of the labor force increased from 61.4% to 61.5%. Another similar release, and ideas for an earlier rate hike may resurface. Perhaps this is what the Federal Reserve is trying to achieve. Moreover, we suspect that the labor report was regarded, because the Nonfarm is traditionally a manipulative tool, and the most radical forecasts were waiting for an increase above 2 million. But later on it will be clear how the government has seriously taken the improvement.
However, due to the Easter holidays, the dollar was not redeemed intensively, and today Europe is also resting. The index of business activity in the US services sector according to the ISM for March is expected to grow from 55.3 to 58.5. New data can still push the euro down deeper, to the range of 1.1688-1.1700.
On the daily chart, the signal line of the Marlin Oscillator reverses from the upper boundary of its own wedge. As a result, we are waiting for the oscillator to go deep down. We are waiting for the price to reach the target level of 1.1560 - the approximate level of the January 2019 high and the November 2017 low.
The price turns down from the MACD indicator line on the four-hour scale. If the price moves below the nearest target level of 1.1745, the target range is 1.1688-1.1700.