A double divergence has already formed on the daily chart. If the price doesn’t form a triple divergence, then it is already time for it to reverse to a medium-term decline. We can confirm such a reversal once the price has settled below the level of 1.1940.
The UK retail sales index for November will be released today – forecast is 2 vs. 18 in October. The data will help the price choose its direction according to our main scenario. Once it crosses 1.1940, then the price could reach 1.1737 target, and even 1.1500.
On the four-hour chart, the price tries to cross the support at 1.1940. The MACD line is above this level. Accordingly, moving away from the level will correspond to the MACD line moving away from it as well. This will be the first, even so, a qualitative signal of the reversal. Also, the Marlin oscillator seems to move into negative territory before the price goes under support. The extended divergence is also putting pressure on the price.
*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
