On Tuesday, the euro faced pressure from the approaching European Central Bank rate cut and the drop in Germany’s Consumer Price Index for August, which fell from 2.3% y/y to 1.9% y/y. Furthermore, oil prices fell by 3.58%, and stock indexes closed mixed. Today, the U.S. is expected to report a decrease in CPI to 2.6% y/y from July’s 2.9% y/y. Similar to yesterday, the euro may weaken further.
In the daily chart, the price consolidated below the green price channel line. It is now in a narrow wedge between this line and the support level at 1.1010. The day could close below this level as a signal of intent to target 1.0950 and the MACD line along with it. The main target is the range of 1.0888-1.0905. The Marlin oscillator is in negative territory and has plenty of room to move into the oversold zone.
In the 4-hour chart, the price slowed its decline as it approached the 1.1010 support level. The price doesn’t need a significant breakthrough, as most of the work was done yesterday. The euro may continue to consolidate at the support level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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