Yesterday, the euro experienced a slight correction and took a breather after rallying on Tuesday. The price did not drop below the support level of 1.0834, and this morning it is trying to rise above the price channel line (1.0850). If it consolidates above it, it will open the target of 1.0937/46 with an intermediate level of 1.0905.
One notable aspect of the substantial rally on Tuesday is that it occurred on average volumes. This implies that the stop-losses of major sellers were not closed; they are even higher. Two possible scenarios could unfold: a deep correction might occur either from the accumulation of these stop-losses or after their closure, leading to another powerful upward movement. In any case, we expect the price to reach the target level of 1.1096.
The signal line of the Marlin oscillator has turned downward from the upper band of its own ascending channel. Here, too, there could be two scenarios: the line is working on the lower band of the channel, which can affect the price in expanding the consolidation, potentially down to the Fibonacci retracement lower ray (1.0777), or the line from the current levels turns upwards with a retest of the upper band of the channel, or it breaks above into the overbought territory (likely testing 1.0937/46).
On the 4-hour chart, it appears as if the upward movement will persist since there were only candle shadows in the support range. The Marlin oscillator has already fallen low enough, releasing tension; it is ready to rise further. We will find out whether the price consolidates above resistance or below support.
*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
