The euro consolidated above the support level of 1.0020 on Friday, and is now heading towards the target level of 1.0170. The signal line of the Marlin Oscillator on the daily chart is approaching the upper limit of its own descending channel. Taking into account the global downward trend, we expect the price to turn into a new wave of decline from the level of 1.0170.
The price is struggling with the resistance of the MACD indicator line on the four-hour chart. Exit above it will finally clear the way for the price to the target resistance at 1.0170. The Marlin Oscillator still has room for growth.
Important economic data will not be released today, but inflation data (CPI) for June will be published in the euro area on Tuesday, the forecast for which is unchanged (8.6% Y/Y) and US construction data – the volume of construction of new houses in June is expected at 1.585 million Y/Y against 1.549 million Y/Y in May. The price could fall.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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