At the end of yesterday, the euro fell by 51 pips. This is probably a continuation of the reaction to Friday’s US employment data. The euro can no longer hold back the obvious (reasons) — the imminent European Central Bank rate cut and the restrained pace of the Federal Reserve’s rate cut on a locally overbought euro. Germany’s CPI for August will be released today, expected to fall from 2.3% y/y to 1.9% y/y. In the UK, July’s unemployment rate is expected to fall from 4.2% to 4.1%. The euro may continue its downward slide.
The euro is still within the consolidation range of 1.1030/85 theoretically, but on the daily time frame, the price is already pushing through the nearest embedded line of the descending green price channel. The movement’s target is the level of 1.1010. From there, an assault on 1.0950 will begin, reinforced by the MACD line. If the price is not contained, we expect strong movement directly from the moment the ECB cuts rates on September 12th.
In the 4-hour chart, the price consolidated below both indicator lines, with Marlin declining in the negative area. The prevailing short-term trend is downward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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