Yesterday’s data on US GDP for the fourth quarter strengthened the dollar’s growth – the index grew by 6.9% against the forecast of 5.5% and 2.3% in the third quarter. Other data came out: the volume of orders for durable goods in December fell by -0.9%, but basic orders increased by 0.4%.
Yesterday the price overcame the support of the 1.1170 target level, now the support is becoming a resistance. Below this level, a slight consolidation of the price on the occasion of Friday and the desire of investors to take profits is possible. Further, we are waiting for the continuation of the downward movement to the next target of 1.1050.
On a four-hour scale, the signal line of the Marlin Oscillator is turning up from the oversold zone. Unless unexpected news arrives today, for example, the US retail spending for December projected today does not suddenly show an increase (a decrease of 0.6% is expected), then we are waiting for price consolidation. If the data exceeds expectations, then the moderate decline of the euro may continue.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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