Yesterday, the euro fell short of the target level of 1.1033 and tumbled down from the secondary level of three years ago (1.1019 – May 2020). The Marlin oscillator has left the ascending channel. However, there’s still a possibility of growth due to the abolition of the channel since it has fulfilled its role. Now, the oscillator’s decline is interpreted as its own correction.
Yesterday, Germany’s CPI for November showed a decrease in inflation from 4.2% YoY to 3.0% YoY. Spain’s CPI decreased from 3.5% YoY to 3.2% YoY. Other European countries also reported a decline in inflation. As a result, futures contracts for the European Central Bank rate incorporated a fivefold rate cut in the coming year. However, the euro reacted moderately, falling by 22 pips. This gives us a hint that the euro will fall on more important news.
On the 4-hour chart, the price rebounded from the support of the MACD indicator line. The Marlin oscillator has not left the growth territory. There are no signs of a reversal in the uptrend; we expect the pair to reach the first target at 1.1033. Next is 1.1096, the upper band of the descending price channel and the peak of April.
*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
