Yesterday was a relatively quiet day in the markets. Currencies did not wait for external calls for risk and remained at neutral levels. The US was on holiday. Today, the main event is the Bank of England meeting. Yesterday, UK inflation data showed that Core CPI fell from 3.9% y/y to 3.5% y/y, while the CPI was down to 2.0% y/y from 2.3% y/y, reaching the target inflation level.
However, the BoE is expected to hold interest rates, so the central bank may announce a rate cut at the next meeting on August 1, with a decisive 3-4 votes in favor of a rate cut at today’s meeting. The euro may fall below the support at 1.0724 and set its sights on further movement towards 1.0650, the May 1 low. The price is below the indicator lines, and the Marlin oscillator is in the downtrend area.
On the four-hour chart, the price lingered on the MACD line. The Marlin oscillator is turning in the positive area. EUR/USD is preparing for a break below the support at 1.0724. A consolidation below this mark opens the target of 1.0650.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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