EUR/USD

On Thursday, the euro declined by 64 pips, ending up more than 40 pips below the support level of 1.1605. This can be considered price consolidation below the level, which means the euro has chosen the scenario of further decline before closing Monday's gap.

The nearest target is 1.1495. Consolidating below this level will open the next target at 1.1392 — the low of August 1. The Marlin oscillator is declining within the area of a downward trend.

Yields on U.S. government bonds and the S&P 500 stock index have been moving horizontally all week — the euro has no support for growth, so in the context of the political crisis in France, it continues to decline, either quickly or slowly, toward the specified targets.

On the four-hour chart, the trend is clearly downward. This contains some signs of a slowdown in the trend. The Marlin oscillator also reacts sharply to any price increases. We expect the nearest target of 1.1495 to be reached on Monday.

Consolidation above 1.1605 may enhance a corrective rise toward the MACD line near the 1.1654 mark.