As a result of yesterday, the euro fell by 26 points. After slight fluctuations, investors were inclined to think that the growth of the US ISM Services PMI in August from 56.7 to 56.9 against the fall of German manufacturing orders by 1.1% in July is more conducive to strengthening the dollar even amid its slight overheating.
The price is approaching the first target level of 0.9850 on the daily chart, after which the 0.9752 target will open. The signal line of the Marlin Oscillator has overcome the support line of early convergence, now it can form when the price reaches the level of 0.9752. But it may not form at all due to the brewing of powerful social discontent in Europe.
Since the beginning of September, local rallies have begun to take place in European capitals against the increase in utility tariffs. A 70,000-strong anti-government rally was held in Prague on September 3, less massive in Amsterdam. Alternative for Germany has scheduled the largest rally in Berlin on October 8 with the main demand for the launch of Nord Stream 2. In response, German Defense Minister C. Lambrecht announced the introduction of military patrols from October 1st, probably with the imposition of anti-COVID bans.
British Prime Minister Truss yesterday proposed a £130bn freeze on public utilities and £40bn on small businesses. The nearest historical support for the euro in case of a negative development of the situation is at the level of 0.9607 – this is the low of September 2022.
The price settled below the MACD indicator line on the four-hour chart, the Marlin Oscillator is developing in the downward trend area. We are waiting for a further decline in the euro.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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