Yesterday, the volatile day ended in favor of the bulls. Despite the numerous target levels on the daily chart, which is due to the corrective nature of the growth, the main target is defined by the MACD line around 1.0913. Overcoming the nearest resistance at 1.0777 will open the second target at 1.0803, the low from August 23rd.
Today, the main driving force could be the US inflation data for August. The forecast for the core CPI is 4.3% YoY, compared to 4.7% YoY the previous month, and the forecast for the CPI suggests an increase from 3.2% YoY to 3.6% YoY. If we assume that the data will come out in line with economists’ estimates, investors will pay more attention to the decrease in the core CPI, as the Federal Reserve relies more on it. As a result, expectations of a rate hike will decrease, and the euro will rise.
On the 4-hour chart, the price has surpassed the MACD line, and Marlin has resumed its growth without leaving the uptrend territory. The price will likely break above the 1.0777 level and will continue to rise towards 1.0803. The next target is the 1.0824/34 range.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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