The euro has finally managed to rise after falling for seven consecutive days. The price broke above the resistance at 1.0552 and above the Fibonacci retracement level marked on the daily chart. Now, the nearest target is 1.0613. The price may rise further, but not above 1.0645, in order to maintain the “image” of the 11th week as a black candle.
The Marlin oscillator has formed a prolonged, not very strong but triple convergence with the price, indicating a reversal of the current medium-term trend into a deep correction. As before, we expect the euro to rise towards the MACD indicator line around 1.0803.
A great amount of economic reports are scheduled for release, so there will be plenty of reasons for both bulls and bears to contend. You should be cautious with the euro’s rise in the midst of the budget crisis in the United States as the development of the crisis will lead to a direct correlation with the stock market, and in turn, the dollar will become a safe-haven currency.
On the 4 -hour chart, the Marlin oscillator has moved into the bullish territory, and the price has stayed above 1.0552. The MACD line is just ahead, which the price may choose to surpass or not, as it will have a significant task ahead related to the budget “shutdown” on Monday. The nearest target levels are marked on the chart: 1.0613, 1.0687.
*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
