Yesterday, the euro almost reached the crucial support of the MACD line and the descending price channel line, but the U.S. report stopped the single currency. The U.S. first quarter GDP was revised down from 1.6% to 1.3% in the “second estimate”. The US stock index S&P 500 lost 0.60%, while European indexes closed the day higher (Euro Stoxx 50 +0.42%).
Considering yesterday’s rise through the prism of the European Central Bank’s monetary policy, investors returned to last week’s range in anticipation of the ECB meeting. The Marlin oscillator has not yet left the positive territory, so the euro may fluctuate before the ECB announces the expected rate cut. The support level will be 1.0796. The upper limit of growth is the boundary of the price channel at 1.0875.
On the four-hour chart, the Marlin oscillator has returned to positive territory, indicating that it has the potential to rise to the MACD line (1.0858). If the price consolidates above this indicator line, this will likely be a false signal. We believe that for now the price will not be able to overcome the upper boundary of the price channel at the level of 1.0875.
Today, the US Personal Consumption Expenditure (PCE) indices for April will be published. Forecasts for core PCE (2.8% y/y) and overall PCE (2.7% y/y) suggest that the figures will remain unchanged, which may support a sideways trend.
*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
