EUR/USD made a powerful downward move, triggered by the US CPI for September, which showed a continued overall inflation rate of 3.7% y/y, contrary to expectations of a decrease to 3.6% y/y. Core CPI also fell from 4.3% y/y to the expected 4.1% y/y, suggesting that the Fed may not change its policy in the near future, so yesterday’s 90-pip drop in euro seems excessive.
The recent price movement may be a temporary speculative attack on euro buyers, as the Marlin oscillator turned upward from zero. Confirmation of this will be the price returning above 1.0613. Meanwhile, the confirmation of the seriousness of sellers’ intentions to develop a downtrend will be the price breaking below 1.0483. In that case, the nearest target will be the level of 1.0410.
On the four-hour chart, the pair settled below the level of 1.0552 and the MACD line, while the Marlin oscillator moves downward. However, there may be a consolidation above 1.0552, unless the pair stays below yesterday’s low of 1.0526. If that happens, euro will attempt to test the support level of 1.0483, and the false downward movement will persist.
*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
