Yesterday, the euro fell by 66 points after a preliminary test from below the MACD indicator line (reversal from resistance). The price did not reach the support of 0.9710, and the Marlin Oscillator is already in the negative zone on the daily chart, which indicates the market's desire to develop a decline. Breaking the support will complete the technical formation of conditions for the price to move towards 0.9520.
On the 4-hour chart, the price is settling with the rising Marlin Oscillator after yesterday's decline and in anticipation of today's US employment report. The employment forecast is optimistic. In the non-agricultural sector, 200,000 new jobs are expected against 288,000 in September, the unemployment rate, according to economists' calculations, may increase from 3.5% to 3.6%.
But since the benchmarks of labor trends have already come out quite good in recent days, today's data may also exceed expectations. Such benchmarks are relatively low rates of weekly jobless claims, private sector employment (239,000), PMI sub-index from ISM employment in the manufacturing sector (50.0 vs. 48.7 in September). We expect the euro to fall further.
