The euro is showing signs of a reversal, with convergence between price and the oscillator on the daily chart. However, in order to see a significant uptrend, we need increased trading volumes.
It’s clear that market participants are focused on the US CPI data, which is set for release on Wednesday, and until then, we may see a sideways trend. Tomorrow, there is an expected increase in UK unemployment from 4.2% to 4.3%, and a decrease in economic sentiment in the eurozone (ZEW) from -5.5 to -6.2. From a technical perspective, today’s gap from the weekly open has not been closed yet.
On the weekly chart, the new week begins just above the Fibonacci timeline (#5). This suggests that the uptrend may continue for 4-5 weeks, up to the line #6. Moreover, the oscillator signal line shows a bullish reversal.
On the 4-chart, the Marlin oscillator has entered the uptrend territory. The initial target is 1.0774, which the MACD indicator line is approaching. Consolidating above this level would indicate the intention to continue its short-term growth.
The material has been provided by InstaForex Company – www.instaforex.com
EUR/USD
The euro is showing signs of a reversal, with convergence between price and the oscillator on the daily chart. However, in order to see a significant uptrend, we need increased trading volumes.
It’s clear that market participants are focused on the US CPI data, which is set for release on Wednesday, and until then, we may see a sideways trend. Tomorrow, there is an expected increase in UK unemployment from 4.2% to 4.3%, and a decrease in economic sentiment in the eurozone (ZEW) from -5.5 to -6.2. From a technical perspective, today’s gap from the weekly open has not been closed yet.
On the weekly chart, the new week begins just above the Fibonacci timeline (#5). This suggests that the uptrend may continue for 4-5 weeks, up to the line #6. Moreover, the oscillator signal line shows a bullish reversal.
On the 4-chart, the Marlin oscillator has entered the uptrend territory. The initial target is 1.0774, which the MACD indicator line is approaching. Consolidating above this level would indicate the intention to continue its short-term growth.
The material has been provided by InstaForex Company – www.instaforex.com
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