On Friday, the euro tried for the third time to test the resistance of the target level of 1.1186 and the upper boundary of the price channel. If this continues, the resistance will eventually fall. Consolidating above this level will open the target of 1.1276. However, this will not yet signal the start of a medium-term rise, as the potential divergence with the Marlin oscillator may still take effect.
Several counter-dollar currencies have already formed such divergence. The euro can reverse without divergence, similar to what happened in November 2022 but in an upward scenario. For this to occur, the Marlin oscillator must consolidate in the downtrend territory, and the price must subsequently consolidate below the MACD line.
On the four-hour chart, Marlin is close to crossing into negative territory. If the price breaks through the support level of 1.1076, it will also mean breaking through the MACD line in this time frame. The situation remains bullish on both timeframes, so we will wait to see how events unfold.
The Eurozone September Purchasing Managers’ Index (PMI) will be released today. A slight weakening is expected, with the composite PMI from S&P Global forecasted to drop from 51.0 to 50.6. This upward trend may change.
*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
