The cause of yesterday’s corrective move can be attributed to the stock market; the S&P 500 fell by 1.47%, and the dollar index rose by 0.26%. Of course, we won’t interpret every black candle as the collapse of the pre-New Year rally or the beginning of a global crisis, as the decline was triggered by other factors, fueled by the cautious remarks of T. Barkin, R. Bostic, D. Goolsbee.
Even representatives of the European Central Bank, K. Knot, M. Kazaks, J. Nagel, have leaned towards the “soft” side. Today, the U.S. will release data on GDP for the 3rd quarter, and tomorrow, data on durable goods orders and consumer spending are expected to come out as positive. US markets open on Tuesday, and there are no clear reasons for mass closure of long positions even before the new year.
On the daily chart, the price tested support at 1.0946, and this morning, the pair is gradually rising. The signal line of the Marlin oscillator is developing in a miniature triangle, a sign of an impending upward movement. The targets remain the same: 1.1033, 1.1076.
On the four-hour chart, the price is staying above both indicator lines, and there has been no consolidation below the support. Marlin has entered negative territory, which may slightly slow down the euro’s recovery, possibly for the structure of the Marlin triangle on the daily chart.
*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
