At the end of Monday, the euro and other currencies remained mostly unchanged. Gold was up 0.56% amid declining government bond yields. This hidden desire of investors to see the beginning of a Federal Reserve monetary policy easing at tomorrow’s meeting can still be discerned.
Meanwhile, another potential reason for the dollar’s weakness is brewing in the market – another showdown between Democrats and Republicans over the budget for the next year. If no agreement is reached by October 1st, the government faces another shutdown – significant spending cuts, including the closure of some services. The last government shutdown was in 2018, and the euro rose by 2.5 figures.
On the daily chart, the quote has risen above the target resistance at 1.0687. Double convergence between the price and the Marlin oscillator is becoming stronger, and the price has a great opportunity to reach 1.0777, possibly even today. The second target is 1.0803 – the low on August 23rd, the high on February 14th, and extremes of other days.
On the 4-hour chart, the price has reached the MACD line, paused, and is now consolidating for further growth. The Marlin oscillator has moved into the bullish territory and is also consolidating above the zero line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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