Throughout the pre-New Year week, the euro has been consolidating within a range of 1.0350–1.0461, which is favorable for building momentum for a downward move. If the euro were gathering strength for a reversal to growth, it would most likely consolidate within the 1.0461–1.0598 range.
The previous consolidation in this range from November 25 to December 17 proved unsuccessful for the bulls. Now, the bears appear ready for another downward breakout below 1.0350. A consolidation below this level would pave the way for the euro to fall below parity, potentially leading to a sharp move in the thin market. This could happen as soon as the new year.
On the four-hour chart, the price has stalled near the balance line. The MACD line, currently around 1.0440, may stop and reverse a potential sluggish upward movement. The Marlin oscillator, which had been rising ahead of the price, is already showing signs of returning to bearish territory. We will monitor the situation for further developments.
*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
