By the end of last week, the euro failed to consolidate above the trend lines of price channels, retreating back under the red descending channel line on the weekly chart.
This price movement suggests that after closing the opening gap, if the price fails to rise above the red line, it may attempt to break below the azure channel line. This would open the path to the key target at 0.9885, aligning with the red channel line.
The new daily candle opened below the MACD indicator line, reinforcing bearish sentiment. The Marlin oscillator remains in negative territory, supporting the potential for further declines. After closing the gap, we expect the price to move towards the support level at 1.0135.
On Friday, the price reversed downward from the MACD indicator line on the 4-hour chart. The price has also secured itself below the balance indicator line, signaling a shift towards short positions. Additionally, the Marlin oscillator has settled in the bearish zone, confirming the downtrend continuation.
*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
