The euro made another false upward movement on Tuesday, testing the resistance of the MACD indicator line on a daily scale. This morning, the decline resumes in order to overcome the support of 1.0150. Consolidation below the level opens the way to 1.0020. A breakthrough above Tuesday’s high (1.0248) will allow the price to attempt a higher jump, up to the target level of 1.0360.
The main event of today will be the release of US inflation data for July. The overall CPI, according to economists’ calculations, will decrease from 9.1% y/y to 8.7% y/y, the core CPI may rise from 5.9% y/y to 6.1% y/y. Investors are now focused on the readings of the core index, so the data, no worse than the forecast, can put pressure on the euro as they expect the Federal Reserve to raise the September rate by 0.75%.
On the four-hour chart, the price settled under the MACD line after yesterday’s false exit above it. The Marlin Oscillator is also returning to the downward trend. We are waiting for the price to attack the support at 1.0150, settle under it and further move towards 1.0020.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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