The euro managed to grow by 0.14% yesterday while the dollar index rose by 0.07%. The price is approaching the target resistance at 1.0032, reinforced by the MACD indicator line on a daily scale. The Marlin Oscillator has penetrated into the positive area and now the price will try to overcome this resistance. Success will allow the euro to rise to 1.0150.
But in fact, the price is still in the consolidation area (0.9950-1.0032), the general trend is downward, there is a volume exit from risk in adjacent markets – the S&P 500 lost 1.13% yesterday, and this morning the Japanese Nikkei 225 is down by 1.21%, yields on US government bonds are growing for the fifth consecutive day.
Today’s European CPI data for August is expected to remain unchanged – core CPI 4.3% y/y, headline CPI 9.1% y/y. In the US, the consumer expectations index from the University of Michigan for September is forecast to rise from 58.0 to 59.7. The euro’s growth against the decline of other world currencies should stop and we are waiting for the quote at the target level of 0.9850.
The price is consolidating under the MACD indicator line on the four-hour chart, although visually this consolidation looks like growth, because the MACD line itself is growing. Consolidation data are mainly signs of a further decline in the instrument in question. The final confirmation of the main downward scenario will be when the price overcomes the support level of 0.9950.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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