Yesterday was uneventful for the euro—the European Central Bank lowered the key rates by a quarter point, and the single currency fell by 29 pips. The euro is steadily declining toward the target support at 1.0777. From this level, we expect a correction. The Marlin oscillator still has room to fall.
Today, data will be released on the eurozone’s balance of payments for August and new home construction in the US for September. Forecasts for both indicators suggest that the data will not differ significantly from previous periods. The euro may continue its slow downward movement. However, one notable factor for the quotes is that market participants may take profit after a week of active selling.
On the four-hour chart, the price continues to decline steadily below both indicator lines, with the Marlin oscillator following the price slowly. Summary: Today’s situation is neutral and calm, with preparations for more active movements next week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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