Yesterday, the euro attempted to break above the resistance at 1.1140 but fell below the support level of 1.1085 under pressure from external markets. Today, the price needs to settle below this level to build the potential for a decline toward 1.1010. The signal line of the Marlin oscillator is close to the boundary with the downtrend territory.
The price may slow down for 1-2 days on its way to the target support as the Marlin oscillator struggles with the zero line. In the 4-hour chart, the price has consolidated below the 1.1085 level. It currently needs to stay below this level. The Marlin oscillator has weakened, and a consolidation of both the price and the oscillator is likely to occur.
Today, inflation data for the Eurozone and the US will be released. Inflation in the Eurozone is expected to fall, while it is expected to rise in the US. As a result, the divergence in indicators will likely strengthen the dollar.
