EUR/USD
The European Central Bank, as we expected, kept its monetary policy unchanged. ECB Head Mario Draghi shifted all the attention to the September meeting, hinting at the urgent need to stimulate financial conditions, and this, until the middle of next year, will not be the rates, but the traditional asset redemption on the balance of the central bank. It is possible that multi-level accruals on bank deposits will be introduced. As a result, the euro was trading in the range of 80 points and closed the day with an increase of 7 points.
As can be seen on the daily chart, the price reached a signal level of 1.1116, but lingered below it for only half an hour and returned back. Actually, the signal level in fact was the lowest level on May 23 (1.1107), now it is a signal range, the overcoming of which opens the underlying targets of 1.1074 and 1.0985 - the Fibonacci level of 138.2%.
On the four-hour chart, the euro's growth from yesterday had stopped on the MACD line. Today, the Marlin oscillator signal line has reached the boundary with a growth area from which a downward reversal is possible. But at the same time, a short-term price growth is possible once again to the MACD line (1.1178), after which the euro's final decline to the designated targets is likely.
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