Yesterday, for almost the fifth consecutive time, the euro has been reflected down from the MACD indicator line on the daily chart. Today in the Asian session, the black candle already blocked yesterday's white. In the afternoon, data on moods in business circles of the euro area for the current month will be released. The ZEW business sentiment index in Germany is expected to worsen from -24.5 to -27.0; -21.7 is forecasted from -20.3 in July throughout the euro area.
The Marlin oscillator on the daily almost touches the zero boundary value – the boundary separating the growth zone from the declining trend zone. We believe that today the price will reach the Fibonacci level of 110.0% (1.1155). Reaching this level will automatically lead to a price drop below the MACD line on a four-hour chart, and this will already be a direct signal to a short-term decline in the euro, since here the Marlin signal line has already consolidated in the decline zone. The goal in the coming days is the Fibonacci level of 123.6% at the price of 1.1074. Next, the target is 1.0980 (reaction level 138.2%).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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