FX.co ★ Forecast for EUR/USD on August 30, 2019

EUR/USD

US economic indicators came out mixed yesterday, but optimism in related markets kept the dollar stronger - the euro fell by 20 points, breaking not only the Fibonacci level of 123.6% on a daily basis, but a low of August 23. GDP for the 2nd quarter was revised down from 2.1% to 2.0%, the trade balance for July improved from -74.2 billion to -72.3 billion.

Today, macroeconomic pressure on the euro may rise. Retail sales in Germany in July are expected to decrease by 1.3%, the general CPI in the eurozone in August may remain 1.0% y/y, while in the US personal incomes of consumers in July are expected to increase by 0.3%, expenses by 0.5% and the index of business activity in the manufacturing sector of the Chicago region for the current month is projected to grow to 48.1 from 44.4.

We are waiting for the euro to decline to the Fibonacci level of 138.2%, to the area of 1.0980 - on the daily chart, nothing prevents the decrease.

On the four-hour chart, after twofold reflecting the price from the MACD line, the price accelerated down, the Marlin oscillator in a stable declining position.