Yesterday’s decline in stock indices helped the euro and other counter-dollar currencies cool down. This cooling looks like a local price reversal from the target range of 1.1040/50 in the daily chart.
If Federal Reserve Chair Jerome Powell’s speech today at Jackson Hole confirms our assumptions about the Fed’s lack of a plan to cut rates by 2.00% by the end of the year, the decline of counter-dollar currencies will naturally continue. The first target for the euro is 1.1010 (the peak of August 5).
In the 4-hour chart, the Marlin oscillator has settled in negative territory. A price consolidation below 1.1085 will mean breaching the MACD line’s support and completing the “head and shoulders” pattern. We are waiting for the price to reach the first target level of 1.1010.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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