On Tuesday, the euro faced pressure from the approaching European Central Bank rate cut and the drop in Germany’s Consumer Price Index for August, which fell from 2.3% y/y to 1.9% y/y. Furthermore, oil prices fell by 3.58%, and stock indexes closed mixed. Today, the U.S. is expected to report a decrease in CPI to 2.6% y/y from July’s 2.9% y/y. Similar to yesterday, the euro may weaken further.

In the daily chart, the price consolidated below the green price channel line. It is now in a narrow wedge between this line and the support level at 1.1010. The day could close below this level as a signal of intent to target 1.0950 and the MACD line along with it. The main target is the range of 1.0888-1.0905. The Marlin oscillator is in negative territory and has plenty of room to move into the oversold zone.

In the 4-hour chart, the price slowed its decline as it approached the 1.1010 support level. The price doesn’t need a significant breakthrough, as most of the work was done yesterday. The euro may continue to consolidate at the support level.

*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 28 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


Jeff Wecker
Jeff Wecker

Jeff Wecker, the inventor of Forex Forager, is a former member of the Chicago Board of Trade. There, Jeff learned his craft in the 30-year bond pit, trading against the world's best, and now has survived and prospered in the industry for the past 25 years. He took the unique knowledge he gained at the CBOT and transitioned it to online trading, where he traded FX, commodities, stock indices, and bonds – all using his unique 5 pip/tick risk system. Visit us at Global Fx Trading Group