Yesterday’s rise in oil and stock indexes turned the expected consolidations of counter-dollar currencies into full-fledged corrections. The euro gained 29 pips, breaking the resistance at 1.0724. The Marlin oscillator moderately responded to this growth, which suggests that the price intends to consolidate above the resistance level it overcame.
Such consolidation is unlikely to push the price up to the 1.0788 level, as the markets had already made a decisive move on June 13. Conversely, if the price consolidates below 1.0724, this paves the way for it to reach the target support at 1.0636. The limit of the correction is the MACD indicator line on the 4-hour chart (1.0760). The signal line of the Marlin oscillator has moved into the bullish territory. An upward trend in the short-term period, but is already fading.
The Eurozone is expected to announce positive news today – growth in inflation gauges and the ZEW economic sentiment index. However, the U.S. is also expected to release good data, with retail sales for May (0.3%) and industrial production (0.3% in May).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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