Euro failed to approach the target range of 1.1068/92 yesterday, in part due to the large distance to cover and the technical resistance on lower timeframes. Key economic reports also came out rather weak, with Germany’s retail sales for June showing a decrease of 0.8%. Meanwhile, the Chicago Business Activity Index for July increased from 41.5 to 42.8, collectively offsetting the eurozone’s GDP growth for the 2nd quarter by 0.6% y/y (0.30% q/q).
The political factor also intervened, as China decided to reduce the export of unmanned aerial vehicles to the US, citing national security reasons. Furthermore, the forecasts for key economic indicators in the US came out optimistic.
Currently, the price approaches the target level of 1.0924, along which the MACD line also converges. There may be a breakout around the speculative buying range of July 6-7, or a correction from the entire decline since July 18.
On the four-hour timeframe, the balance indicator line capped yesterday’s growth, pushing the price below 1.1012. The Marlin oscillator also fell under zero, showing a downward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
