The currency instrument corrected at Fibonacci level 23.6 and pushed off the price channel resistance. Within the current correction it is recommended to open order for selling from the current price to 0.7455.
The minutes of June meeting of the Federal Open Market Committee were released yesterday. According to those data, the committee’ members are not ready to increase the interest rate within the next future. All this put pressure on USD. In the H4 time frame the pair corrected at Fibonacci level 38.2 which enables to open position for selling from the current price to 1.2900.
In the H1 time frame the currency pair pushed off the price channel resistance. Another driver for decrease is the poor data on the German industry output. It is recommended to open order for selling from the current price to 1.4288.