EUR / USD pair
As expected, US President Trump signed the budget for the current year on Friday and at the same time, he declared a state of emergency due to illegal migration. This even allows him to raise funding for the wall with Mexico to $8 billion. But there was also unexpected news, the US industrial production collapsed by 0.6% in January with the forecast of + 0.1%. Moreover, production capacity utilization decreased from 78.8% to 78.2%. Consequently, the news caused the euro to return to the opening day after it lost 60 points.
On the four-hour chart, a triple convergence has already formed with the Marlin indicator. The potential growth expands even more with the current first growth target at the resistance of the nested line in the price channel near the 1.1358 mark on the daily chart. Fixation of the price above the line will allow continuous growth to the Fibonacci correction level of 61.8% from the last line of decline in the period of January 31 to February 15 at 1.1407.
