Relevance up to 19:00 2020-02-14 UTC–8
On Thursday, the euro fell slightly more than 30 points and reached the next target of 1.0840 at the Fibonacci level of 161.8% on the daily chart. The euro shows its intent to decline further today in the Asian session. We believe this with pleasure since data on US retail sales will be released in the evening – the forecast is 0.3%. Data will also be released on industrial production: the forecast is -0.2%, but an indicator output of even -0.1% can strengthen the dollar simply because the US economy is much better than the European one.
Now the target of the euro is the Fibonacci level of 200.0% at the price of 1.0745. Perhaps the goal will be achieved on Monday or even on Tuesday, since Monday is a public holiday in the US and ZEW indices in Germany are expected to worsen on Tuesday.
On a four-hour chart, the Marlin oscillator is turning down. We are waiting for price consolidation below 1.0840.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Laurie Bailey,
InstaForex Group © 2007-2020
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