Yesterday’s release of data on inflation in the US stirred up the markets. So much so that the prospect of completing the upward correction on September 28 was broken from the technical side, options with medium-term growth (several months) appeared, and additional multiple scenarios appeared within this emerging growing trend.
One of them is a long sideways trend in the range of 0.9710-1.0360, this range is marked on the weekly chart.
In fact, this is a continuation of the correction of some long-term downward trend, the correction can continue to the 138.2% Fibonacci level, to the 1.0950 area, and the long-term trend can continue to 0.9340 or lower. The option with a flat in the range of 0.9710-1.0360 is still considered as the main one. The idea of this option is based on the idea that the market is waiting for the next Federal Reserve meeting on December 14, which should confirm the assumptions about raising the rate by no more than 0.50%.
To date, the price has reached the target level of 1.0205 and is slightly rolling back from it. Yesterday’s growth was 196 points. The greatest dynamics of the euro (but falling) was on March 19, 2020 (-247 pp) at the beginning of the anti-COVID hysteria. Now we are waiting for the price to roll back to the range of 1.0100/20. If the range stays, then the price may then try to overcome 1.0205. If the range does not, then the bears’ next target will be 1.0051.
The price even formed a divergence with Marlin on the four-hour chart. Most likely the euro will be under pressure today and on Monday. We are waiting for the price to drop to the range of 1.0100/20. Further according to the circumstances described above.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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