The bullish momentum the euro showed on Monday was not enough, yesterday, it did not even reach the target level of 1.0660, and it went back under 1.0595. Obviously, it can now take the target range of 1.0443/70 without too much movement.
French and Spanish CPI indicators showed growth again, but investors’ worries were not so much about the European Central Bank’s monetary policy as about inflation as a sign of recession – Swiss and Canadian GDP for Q4 showed zero growth, while Canadian GDP for December was already down 0.1%.
On the four-hour chart, the price has settled under the MACD indicator line, the Marlin oscillator is moving into the downtrend area. The situation is completely downward on both charts. I expect the pair to fall to the specified target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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