Following yesterday's 0.25% interest rate cut by the European Central Bank, the euro exhibited slightly increased intraday volatility and ended the day with a moderate 30-pip decline. Another significant factor was the decline in external markets: the S&P 500 fell by 0.54%, oil dropped by 0.38%, and gold declined by 1.38%. This indicates a weakening external support for the euro as market participants move away from risk assets.
The price is approaching the 1.0461 support level on the daily chart, with the Marlin oscillator attempting to solidify a downward trajectory below the zero line. Breaking this support would open the way toward the 1.0350 level, a critical threshold determining the medium-term outlook for the euro.
On the H4 chart, the MACD and balance lines rejected the price. The Marlin oscillator has deepened into negative territory. A confirmed break below 1.0461 would pave the way for further declines.