In the first half of Wednesday, the euro was growing against the decline of other world currencies for the second consecutive day – the bulls on the euro were still able to work out the growth of the August CPI to 9.1% from the previous value of 8.9% y/y.
Data from ADP on employment in the US private sector came out in the evening – 132,000 jobs were created in August against the forecast of 300,000. The US stock index S&P 500 fell by 0.78%, the yield on 5-year government bonds increased from 3.26% to 3.35%, investors continued their weekly withdrawal from risk and the euro lost ground.
The pair is currently trying to push through the support level of 1.0020, leaving under which will open the nearest target of 0.9950. Overcoming 0.9950 opens the 0.9850 target. We are also waiting for the signal line of the Marlin Oscillator to go under the turquoise line forming convergence and its decrease to the area of the pink dashed line, from which a stronger correction is likely to form.
The price is still above the balance and MACD indicator lines on the four-hour chart, the Marlin Oscillator is still in the positive area, but it has a clear intention to go below the zero line and change direction. The MACD line is approaching the level of 0.9950, thus it will strengthen it, and the price, in case of overcoming this level, will receive a strong impulse to further decline. The critical level of this scenario is 1.0088, the high on August 26th.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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