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As we expected in last Friday's review, the euro settled in the 1.2132/77 range. The trading volumes were similar to those of the previous two days, that is, purchases were indeed closed, but not as intensely as we expected. Today this process may continue, which can be helped by the German IFO indices for January; the forecast for the business climate assumes a decrease in the index from 92.1 to 91.8, the index of current expectations may decrease from 91.3 to 90.6.
The daily chart shows the price met the resistance of the balance indicator line and the upper border of the consolidation range of 1.2132/77. The Marlin oscillator is turning to the downside. We are waiting for the price to leave the area under the lower border of the consolidation range and a subsequent attack on the MACD line in the 1.2070 area, getting the price to settle below it opens the 1.1915 target.
The four-hour chart shows that the 1.2132 level coincides with the MACD indicator line, respectively, the level, like the consolidation range itself, gains strategic importance in the short-term current situation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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