Yesterday’s data on producer prices in the US for the past month exceeded expectations. The monthly growth of PPI showed 0.8% against the forecast of 0.5%, on an annualized basis the index was 9.6% y/y against the expected 9.2% and the October indicator was revised up to 8.8% y/y from 8 , 6% y/y.
The euro has lost 26 points, and today is awaiting the results of the FOMC Federal Reserve meeting, which, taking into account yesterday’s inflation data, may be quite tough in terms of rhetoric and forecasts.
Now the technical picture corresponds to the general mood of investors: the Marlin Oscillator on a daily scale is ready to break down from a small consolidation of its own, the price itself is decreasing in a general downward trend under the indicator lines. The bears’ first target is 1.1170, then the target of 1.1050 opens – the resistance of March and December 2015.
On the four-hour chart, the price is below both indicator lines, Marlin is in the negative area. Getting ready for the fall of 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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