The single European currency continued to decline below the level of 1.1300 yesterday. There are about 70 points left to the nearest target of 1.1170, and there is a possibility that this level will be overcome, and the price will continue its way to the second target of 1.1050 (resistance in March and December 2015). There are no reversal signs on the daily chart yet.
There is already a reversal sign on the four-hour chart – the emerging convergence of the price with the oscillator. But the convergence may not be completed, Marlin has the opportunity to continue moving into the oversold zone.
A more reliable indicator of a reversal into a deep correction will be when the price goes above the MACD line, above the price level of 1.1300. Corrective growth may continue to 1.1448. And only the price transition above the MACD line of the daily scale can now be taken as a signal of a trend change to an upward one. Such a reversal can be long and chaotic in a trading range of around 250 points.
*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 to 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
