On Thursday, with the release of data on inflation in the US, the euro traded in a range of 120 points, marking the target level of 1.1496 with an upper shadow. To be precise, yesterday’s peak was 1.1495, but one point can be neglected as a fluctuation effect.
Inflation (CPI) in the US increased from 7.0% y/y to 7.5% y/y in January, and this is the highest rate since 1982. Market participants are now waiting for the March rate increase immediately by 0.50%. We are now waiting for the euro to go into a correction in the area of the MACD indicator line on the daily chart, to the target level of 1.1300 (August 2018 low).
At this level, the question will be decided – will the price turn from it into further growth, towards the target 1.1700/22, or will it consolidate below it and continue to decline to 1.1060.
On the four-hour chart, the price went under the balance indicator line, visually getting ready to attack the MACD line (1.1355), overcoming which will make it possible to get ready to take 1.1300. The signal line of the Marlin Oscillator turned down from the zero line (arrow), which is an additional confirmation of the price’s intention to develop a downward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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