Investors are stubbornly buying stock market instruments and bringing confusion to the related currency market. Yesterday, the S&P 500 gained 1.19% and the euro gained 15 pips. There is a double divergence on the daily chart, but the market’s desire to change this technical pattern is obvious. The 1.0990 target is getting closer.
The eurozone business activity indicator for January will be released this afternoon, the forecast is 50.2 points against 49.8 in December. In the US, this indicator may also show growth (the forecast is 45.0 vs. 44.7 previously), but manufacturing PMI is expected to weaken to 46.0 from 46.2 in December, while in Germany the Manufacturing PMI is expected to rise to 47.9 from 47.1. The euro can take advantage of this divergence.
On the four-hour chart, the upward trend is still present – the price is above the indicator lines and the Marlin is in a rising position. The closest signal to a downtrend will be when the price crosses the support of the MACD line, below 1.0824.
*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
