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The euro fell 65 points last Friday, taking a solid step towards further medium-term decline. We don't expect important economic news today, there are holidays in China and Australia, and tomorrow the indicators of industrial production and retail sales will be released in the United States. Industrial production for May is forecast to grow by 0.6%, retail sales for the same month are expected to decline by 0.5%, but according to the basic indicator, an increase of 0.4%. The market may revive even ahead of the Federal Reserve meeting on Wednesday.
On the daily chart, the price approached the MACD indicator line (1.2080). Perhaps the price will still stay on it for a day, since the day is expected to be calm. Tomorrow's target would be the 1.2051 level, possibly with an attempt to also go beyond the level, since the price will already be below the MACD line.
On the four-hour chart, last Friday the price turned down from the MACD line - one of the signs of a short-term downward trend. The Marlin oscillator is in the oversold zone, which also confirms the sideways trend scenario for today.
So, we are waiting for a slight decline in the euro before the FOMC Fed meeting on Wednesday.
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