EUR / USD pair
Investors continue to be in a state of tension as they wait for the G20 summit, which begins its work today in Japan. Usually, this event does not attract much attention of investors but now the issue of US-China trade relations with the US and the EU will be resolved. The situation is worsened by the fact that there are still no leaks of information, as the old formulations of Donald Trump and other officials are repeated above all positive ones. This may be a sign that the parties approach the negotiations unwillingly and this creates prospects for strengthening the dollar. Also, there will be a summit of EU countries on Sunday, at which the head of ECB will be chosen. France is against the candidacy of Weidmann.
Due to such investors' expectations, the euro has not changed after weak US economic data in the last two days. Yesterday, the volume of orders for durable goods decreased by -1.3% in May. The trade balance for the same month worsened from -70.9 billion dollars to -74.5 billion.
Over the past day, the Marlin oscillator signal line moved to the negative zone and the MACD line (blue indicator) approached the current price on the four-hour chart. The Marlin also declined slightly on the daily chart. Such changes increase the likelihood of a breakdown on the price. Fixing of the price below the MACD line of 1.1330 will signal a steady decline on H4. The region of 1.1234 will be the target for reduction in the support of the embedded line of the price channel on the daily chart and the MACD line on the same scale with an approximate area of confluence of these two lines. In the case of an upward price reversal from the indicated support area, the growth to the Fibonacci level of 61.8% is possible towards 1.1445.
