The euro did not delay the inevitable and fell by 94 points yesterday, advancing towards the intended targets of 1.0020, 09950, 0.9850. The Marlin Oscillator has settled in negative territory on the daily chart, the situation on the daily is completely falling with the prospect of a medium-term movement.
The reason for the strong fall of the single currency was the discrepancy in the economic performance of Europe and the United States. Swiss trade balance fell from 3.68 billion francs to 3.58 billion in July, Spanish trade balance worsened from -4.76 billion euros to -5.39 billion Euro area CPI rose to 8.9% y/y d from 8.6% y/y a month earlier.
In the US, weekly jobless claims fell to 250,000 and last week’s figure was revised down to 252,000 from 262,000. Philadelphia’s August Manufacturing PMI jumped from -12.3 to 6.2 on expectations -5.0/-4.3 points.
The price with the Marlin Oscillator has prepared the basis for convergence on the H4 chart. It is possible, because important economic indicators are not planned today. We only expect weak convergence, in the form of consolidation. Further, it is likely that the price will move towards the specified targets.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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