The euro slightly fell on Monday, under pressure from market perceptions of two Federal Reserve rate hikes next year. The Marlin Oscillator on a daily scale is trying to settle in the negative area. If we detach from tomorrow’s Fed meeting, the situation is declining. The first target of the decline is 1.1170. Going under the level opens the second target at 1.1050.
On the four-hour chart, the situation is also completely decreasing: the price has settled below the balance and MACD indicator lines, the Marlin Oscillator has remained in the downward trend zone. We do not expect prices to reverse today – the US producer price index for November is coming out and the forecast for it is 0.5% m/m and 9.2% y/y (8.6% y/y was in October).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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