Yesterday was a calm day for all major currency pairs. The euro spent the day below the lower band of the 1.0910/30 range. There was simply no reason for it to rise, as weak IFO indicators for business climate, business expectations, and current assessment were released for Germany. Formally, the daily candlestick closed below this range, which indicates a bearish choice for now.
The target for the downward movement is the 1.0804/20 range, defined by the linear support level and the MACD indicator line on the daily chart. If the price manages to climb above 1.0930, the first growth target would be the intermediate level at 1.0971. The price could further rise towards 1.1000.
On the four-hour chart, the price is developing below the balance and MACD indicator lines. The Marlin oscillator is moving sideways within a downtrend. Today, the US will release data on new home sales for May and consumer confidence for June (forecasted at 103.7 versus 102.3 in May). If the indicators turn out to be positive, the euro will weaken its positions even further.
*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
