The euro surged by 180 points after the US inflation data, which slowed more than expected. The single currency surpassed the target range of 1.0834/50, which currently acts as support. After a brief market pause, we expect the quote to rise to the next embedded line of the price channel in the range of 1.0937/46. Next, we expect it to move towards the Fibonacci level in the area of the target level of 1.1096 (April high).
Overall, the situation suggests that the euro is heading for long-term uptrend, so the pair may also surpass July’s high at 1.1276. But it is too early to talk about it because geopolitics is currently the main driving force of the markets, and another hot conflict between China and Taiwan is looming on the world map. If this happens, we will witness the creation of a fundamentally new global financial architecture.
On the 4-hour chart, we see an uptrend. The Marlin oscillator may discharge a bit, exit the overbought territory, and then continue to rise with new strength. The previously mentioned range of 1.0834/50 acts as support for the correction.
*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
