On Friday, the euro managed to reach the support at 1.0834 at its intersection with the green price channel line. A rebound occurred from this magnetic point, and today, the price is trying to return to the support it reached on Friday. It may fail in its second attempt to breach the support because it is reinforced by a Fibonacci ray.
As a result, the price may linger above this level for some time, undergo consolidation, and only then attack this support. Consolidation below it will open up the nearest target at 1.0757. The strategic target is the price channel line around the level of 1.0632, which is the September 14 low. In this case, the support of the MACD line (1.0710) acts as an intermediate level. The Marlin oscillator is pressed against the border of the downtrend territory.
On the 4-hour chart, the price is falling below the balance and MACD indicator lines, and the Marlin oscillator is developing a sideways movement in the range but in the downtrend territory, indicating the chances of a price consolidation before attacking 1.0834.
*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
