Yesterday, the euro was ahead of our forecast – there was a fall of 108 points and now the price is halfway to the target level of 1.0340. There are no obstacles on this path, but the whole question is the speed of further decline. Perhaps today the price will still stop simply because the Federal Reserve will announce its decision on monetary policy tomorrow evening.
It rarely happens when investors are ahead of the curve. But maybe yesterday and today exactly such frequent events occur? Anyway, we are waiting for the price at the target level of 1.0170 in the future for several days.
There is a strong downward local trend on the four-hour chart. The Marlin Oscillator still cannot go deeper into the oversold area and it needs a release. If there is no release, then tomorrow there may be a surprise on the topic “the markets have already taken the rate hike into account”. Therefore, today we are still waiting for the price to consolidate so that Marlin can grow and discharge before tomorrow’s further decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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