On Friday, the euro fell by 35 pips. The balance indicator line (red moving average) acted as resistance on the daily chart, and this morning, the price tested the support of the MACD line. Consolidation below this line with the price breaching the support level at 1.0924 paves the way to the next target at 1.0865.
It’s highly possible that the bulls have not yet exhausted their strength for a reversal, so today will be indicative. If the day closes with a white candle, this alone can be considered a signal for further growth towards 1.1012. Overcoming this level will extend the rise to 1.1048. A corrective move might extend to 1.1096.
On the four-hour chart, the price has already surpassed the MACD line and settled below the balance line. The Marlin oscillator is descending within the bearish trend. In general, we have a downtrend, but the key element here is the support level at 1.0924. Returning above the MACD line and firmly trading within that area will show that it was a false breakout.
*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
