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KostiaForexMart
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Analysis and trading recommendations for EUR/USD on August 27

Analysis of transactions in the EUR / USD pair

There was a signal to buy in EUR / USD in the morning, but traders had to ignore it because it came when the MACD line was at the overbought area. This resulted to euro dropping by another 20 pips, which, in turn, formed a signal to sell in the market. But since the MACD indicator was far away from zero, the pair did not go down much. Following that was another signal to buy, but it also did not result in a large movement.

Obviously, the minutes of the July ECB meeting and data on money supply and lending did not affect the market much.

And today, since there are no important macro statistics scheduled to be released, the market will most likely remain calm in the morning. But by afternoon Fed Chairman Jerome Powell will make a speech, which will be decisive to the EUR / USD pair. Data on German import price index and US income will most likely be ignored.

For long positions:

Open a long position when euro reaches 1.1770 (green line on the chart), and then take profit at the level of 1.1800 (thicker green line on the chart). EUR / USD trade upwards if the Federal Reserve does not hint on future policy changes. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.

It is also possible to buy at 1.1750 and 1.1708, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.1770 and 1.1800.

For short positions:

Open a short position when euro reaches 1.1750 (red line on the chart), and then take profit at the level of 1.1708. A decline will occur if US releases strong economic reports and if the Fed indicates potential changes in the monetary policy. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.

It is also possible to sell at 1.1770 and 1.1800, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.1750.
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KostiaForexMart
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Forecast for EUR/USD on August 30, 2021

Bankers' symposium in Jackson Hole ended on Saturday. The much anticipated speech of Federal Reserve Chairman Jerome Powell only confirmed the general line of the central bank, regardless of the intentions of the hawks (Bostic, Kaplan, Harker, Mester) to announce plans to start phasing out QE in September, to begin this phase out in December, and to raise the rate at the earliest. Next year. The main thing that investors took from Powell's speech was a signal of a later rate hike than other central banks, including the European Central Bank, would do. Powell paid a lot of attention to inflation, confirming the thesis about its temporary surge, but, briefly paying tribute to the good growth of the labor market, noted that the pandemic could weaken this growth, which, in our opinion, gives room for maneuver. We suspect that labor data released on September 3 will already come out worse than forecast (unemployment is expected to decrease from 5.4% to 5.2% and non-farm in 728,000).

The price goes above the balance indicator line on the daily scale chart, the Marlin oscillator is growing, the target at 1.1835/47 remains, overcoming this range opens the second target at 1.1920.

The growth continues as usual on the four-hour chart: the price is above the indicator lines, Marlin turned up after the discharge (correction) on the 26th.

Forecast for GBP/USD on August 30, 2021

The pound, after creating a local low on August 20, has formed a new upward price channel, starting from the March 2020 low. The Marlin oscillator has moved into the zone of positive values, into the zone of an upward trend, now we expect the price to continue to rise to the nearest embedded line of the price channel around 1.3858 (the level coincides with the lows of March 2, April 27). The closest resistance is the MACD indicator line at 1.3798, which coincides with May 2021's low.

The price settled above the indicator lines on the H4 chart, above the intermediate target level of 1.3747, gathering strength before the attack at 1.3798.
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KostiaForexMart
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Trading plan for starters of EUR/USD and GBP/USD on August 31, 2021

August 31 economic calendar:

Today, the UK lending market data will be published at 8:30 Universal time, where not everything is so bad according to forecasts. The main event today is considered to be the publication of preliminary inflation estimates in Europe, which could grow from 2.2% to 2.7%. Such an intense rise in consumer prices scares investors since this situation requires immediate action from the European Central Bank, which is still doing nothing. At the same time, the regulator does not even give hints about a change in the course of monetary policy, which puts even more pressure on the market due to complete uncertainty.

In such a situation, speculators appear, where the growth of inflation can be won back by the market both by a local decrease and by growth in the value of the euro. This does not exclude local surges in the market.

From the point of view of fundamental analysis, inflation growth is a positive signal for the national currency, but when consumer prices rise faster than forecast, this is not considered the best signal.

Trading plan for EUR/USD on August 31:

The ascending inertial move has already led to the fact that the euro is overbought in the market.

In this situation, two possible scenarios can be considered:

The first one comes from the downward cycle from the beginning of June, where the current correction is already at the limit of possibilities. This can lead to the early completion of growth and the resumption of the downward cycle. This forecast will be confirmed if the price is held below 1.1800, which will open the way towards 1.1760-1.1700.

The second scenario considers an inertial move, where speculators are not stopped by an overbought signal. This leads to a movement towards the level of 1.1900.

Trading plan for GBP/USD on August 31:

The resistance level of 1.3800 is still putting pressure on buyers, which may lead to a reduction in the volume of long positions. If the price rebounds from the resistance level, a movement may occur towards the level of 1.3735.

An alternative scenario of the market development will arise if the price is kept above the level of 1.3830. This could jeopardize the downside cycle from 1.4000.
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KostiaForexMart
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Analysis and trading recommendations for EUR/USD and GBP/USD on September 1

Analysis of transactions in the EUR / USD pair

There was a signal to buy in EUR / USD on Tuesday, but it had to be ignored because the MACD line was far away from zero. After some time though the indicator hit the overbought area, so bearish traders were able to open short positions. This provoked a 30-pip decline in the market. There were no other signals for the rest of the day.

Surprisingly, even though the data released yesterday exceeded expectations, EUR / USD did not undergo large movements. Only the report on US consumer confidence led to a slight surge in volatility.

Another report will come from Germany and the Euro area today, but it is unlikely to shake the market. Then, in the afternoon, there will be data on US manufacturing and employment, followed by speeches from Fed representatives.

For long positions:

Open a long position when euro reaches 1.1818 (green line on the chart), and then take profit at the level of 1.1849 (thicker green line on the chart). EUR / USD trade upwards if economic data from Germany and the Euro area exceed expectations. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.

It is also possible to buy at 1.1796 and 1.1765, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.1818 and 1.1849.

For short positions:

Open a short position when euro reaches 1.1796 (red line on the chart), and then take profit at the level of 1.1765. A decline will occur if the Euro area reports weak manufacturing activity and employment. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.

It is also possible to sell at 1.1818 and 1.1849, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.1796.

Analysis of transactions in the GBP / USD pair

There were several market signals in GBP / USD yesterday. But the first one, which was to sell, had to be ignored because the MACD line was at the oversold area. Following that was a signal to buy, which successfully provoked a 20-pip increase. Then, another signal to sell appeared in the afternoon and this time, it finally coincided with the MACD line moving down from zero. As a result, bearish traders were able to open short positions, which led to a 30-pip decline in the market.

Surprisingly, UK data on lending and money supply did not affect the market in any way, and only the report on US consumer confidence led to a surge in volatility.

Today, an interesting report on UK manufacturing activity is coming out, which may put even more pressure on pound. Then, in the afternoon, there will be data on US manufacturing and employment, followed by speeches from Fed representatives.

For long positions:

Open a long position when pound reaches 1.3761 (green line on the chart), and then take profit at the level of 1.3810 (thicker green line on the chart). The pair will continue moving up if there are strong PMI reports. But before buying, make sure that the MACD line is above zero, or is starting to rise from it.

It is also possible to buy at 1.3727 and 1.3679, but the MACD line should be in the oversold area, as only by that will the market reverse to 1.3761 and 1.3810.

For short positions:

Open a short position when pound reaches 1.3727 (red line on the chart), and then take profit at the level of 1.3679. A decline will occur if UK releases very weak data on manufacturing activity. But before selling, make sure that the MACD line is below zero, or is starting to move down from it.

The pair could also be sold at 1.3761 and 1.3810, but the MACD line should be in the overbought area, as only by that will the market reverse to 1.3727 and 1.3679.
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KostiaForexMart
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Trading plan for starters of EUR/USD and GBP/USD on September 2, 2021

Sept 2 economic calendar:

The weekly data on applications for US unemployment benefits will be released at 12:30 Universal time today, where they predict a decrease in their volume. This may support the US dollar if expectations coincide.

Details of statistics:

The volume of initial applications for benefits may fall from 353 thousand to 345 thousand.

The volume of repeated applications for benefits may fall from 2 862 thousand to 2 775 thousand.

Therefore, a decline in the number of applications for benefits may lead to a strengthening of the national currency – USD.

Trading plan for EUR/USD on September 2:

Euro's high overbought level does not stop speculators, who continue to form a correction from this year's base.

In this case, one should trade on both sides.

Sell positions come from a downtrend that is relevant in the market. In this case, the first entry into the market may occur if the price pulls back from the correction maximum with a target of 1.1800.

Sell positions are considered to maintain an inertial course in the market, when speculators ignore the overbought status. In this case, the maximum possible growth of the euro is the level of 1.1900.

Trading plan for GBP/USD on September 2:

It can be assumed here that the sideways movement within the range of 1.3730/1.380 will remain on the market for some time. Now, it is worth preparing for the upcoming acceleration, trading by the method of breaking through a particular border.

Buy positions can be considered if the price is kept above the level of 1.3800.

Sell positions can be considered if the price is kept below the level of 1.3725.
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KostiaForexMart
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Forecast for GBP/USD on September 3, 2021

The British pound gained 63 points yesterday, close to the first target level of 1.3858 (2 March low). Such a breakthrough was necessary for the price to overcome the accumulation of indicator lines, which were strong resistance on Tuesday and Wednesday. And if the overcoming of the resistance took place on a strong impulse, then we are waiting for the price to surpass the nearest level and rise to the second at around 1.3883 - to the embedded line of the growing price channel. Surpassing 1.3883 opens the way to the high target of 1.4004 - this is the point of coincidence of the next line of the price channel with the level of highs on March 12 and 18 and April 20.

On the H4 chart, the price left the wedge-shaped structure upwards. The MACD line is turning up, the Marlin oscillator is growing in the positive trend zone. We are waiting for the pound to rise further.
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KostiaForexMart
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Forecast for EUR/USD on September 6, 2021

Friday's US employment data came out so that both optimists and pessimists were satisfied; in the non-agricultural sector, 235,000 new jobs were created against expectations of 750,000, and the unemployment rate decreased from 5.4% to the projected 5.2%, while the July non-farms were revised up from 943,000 to 1,053,000( +110,000), which probably affected the euro's final insignificant growth by 10 points. Of course, this data will still be further analyzed by market participants and gradually included in prices, but at the current moment, perhaps, a more important event is on the agenda - the European Central Bank meeting on Thursday, September 9. The main European bank is expected to signal to the markets that it is time to think hard about tightening monetary policy.

At the moment, the euro is in a convenient range (1.1847-1.1920), in which there have been short-term consolidations since mid-June. The 1.1920 target level seems to be strong, a good external stimulus is necessary to overcome it, which will not happen today due to the holiday in the US (Labor Day).

The price has formed a double divergence with the Marlin oscillator on the four-hour chart, which may return the price to the lower border of the 1.1847-1.1920 range. Perhaps the price will correct even lower, to the MACD line to the 1.1818 mark area, which coincides in price level with the MACD line on the daily scale. After the correction, we expect the euro to continue rising. Target at 1.1975.
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KostiaForexMart
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Trading plan for starters of EUR/USD and GBP/USD on September 7, 2021

September 7 economic calendar:

In terms of the economic calendar, the third estimate of Europe's GDP in the second quarter has been published today, which can confirm the economic growth of 13.6%. The factor is positive, but it is worth considering that we only have confirmation of the previous assessment. Thus, the market has already taken into account the statistical data in the quote.

Trading plan for EUR/USD on September 7:

The resistance area of 1.1880/1.1905 continues to put pressure on buyers. This led to a stop of the upward movement and as a result, the first signal of a possible change of direction. The price being kept below 1.1850/1.1860 on a four-hour period will increase the chances of sellers for a subsequent decline towards the range of 1.1800-1.1760.

An alternative scenario of the market development considers an amplitude move along the resistance area.

Trading plan for GBP/USD on September 7:

The pullback from the resistance level of 1.3880 was replaced by a slight stagnation, while the downward interest still takes place in the market. To strengthen the sell positions, the quote needs to stay below the level of 1.3815, which will automatically lead to a decline towards the level of 1.3800. In this case, an increase in the volume of short positions is possible, which will open the way towards the level of 1.3735.

An alternative scenario of the market development will become relevant if the price is kept above the level of 1.3905. In this case, the upward cycle from 1.3600 is prolonged towards the psychological level of 1.4000.

Short positions or Short means sell positions.
Psychological levels are round values (1.2000, 1.3000, 1.4000, 1.5000, etc.) that serve as key coordinates in the market that traders pay special attention to. These levels are often used as support or resistance.
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KostiaForexMart
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Forecast for EUR/USD on September 8, 2021

The release of yesterday's German and European business sentiment indices for September somewhat deepened the euro correction. The German business sentiment index ZEW fell from 40.4 to 26.5 against the expectation of 30.2, the same index for the euro area fell from 42.7 to 31.1 against the expectation of 35.3. The euro lost 30 points. Investors took the exit somewhat emotionally, even if it failed, leaving in the shadows industrial production growth in Germany by 1.0% in July, GDP growth in the eurozone for the second quarter by 2.2% against the first estimate of 2.0% and employment growth eurozone for the second quarter by 0.7% against the previous estimate of 0.5%. The ZEW indices are still survey indicators, formed against the background of an increase in the incidence in the first half of August, but now the incidence in Germany and in the euro area has sharply declined, which should affect the ZEW indices in a month. Obviously, investors are aware of all these events, and therefore we are waiting for the euro to recover to its original positions by the European Central Bank meeting.

On the daily chart, the price has been rising since the opening of the day, trying to break above the support at 1.1847, which had been pushed through yesterday. Consolidating above it, again defines the target for the price at 1.1920. The Marlin Oscillator is also slowly turning up.

On the four-hour chart, the price reverses without reaching the MACD line. All of yesterday's correction took place above the balance indicator line, which confirms the decline precisely as a corrective decline within the general upward trend.
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KostiaForexMart
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Forecast for EUR/USD on September 9, 2021

Yesterday, the euro deepened its correctional decline. Trading volumes were the highest for the current week, which indicates a significant closing of positions before today's European Central Bank meeting. The consensus forecast of economists boils down to a possible reduction of the PEPP program from 80 to 60 billion euros, but at the same time a small extension of the program itself.

The price reached the support of the balance and MACD indicator lines on the daily scale chart, a slight reversal is planned this morning. The Marlin oscillator has slowed its decline as it approaches the border with the downtrend territory. We are waiting for a positive decision from the ECB and the euro to rise to the nearest target level of 1.1920.

The price has settled below both indicator lines on the four-hour scale, the Marlin oscillator is turning to the upside from the negative zone. In the event of a strong fundamental news release, such plunges under the indicator lines are interpreted (after the fact) as false, but a false price exit in itself is a sign of further price growth. To do this, the price must go back above the MACD line, that is, above the level of 1.1847.
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KostiaForexMart
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American stock indices fell 0.8-0.9%

US President Joe Biden last week announced a new vaccination plan for COVID-19 in the country, including new vaccination rules for federal employees, major employers and medical personnel, in a bid to contain yet another surge in the spread of the coronavirus in the United States.

According to the New York Times, the daily number of new cases of COVID-19 in the United States is on average just below 150 thousand, the proportion of the population vaccinated is 53%.

Traders are closely monitoring the situation with the coronavirus in the country, as it directly affects the plans of the Federal Reserve System (FRS) to roll back anti-crisis measures to support the economy. Recent comments from FRS officials suggest that the US Central Bank intends to begin reducing bond buybacks by the end of this year.

Interactive Brokers analyst Steve Sosnik noted that US stocks are holding near record highs and many investors are worried about the withdrawal of stimulus that has supported the stock market.

The statistics released on Friday showed the acceleration of the growth rate of producer prices in the USA in August to the maximum since November 2010 of 8.3% in annual terms. In July, prices increased by 7.8%, and experts had expected their rise in August by 8.2%. New York Life Investments economist Lauren Goodwin said they continue to see high inflationary pressures. Producer price data speaks in favor of buying stocks in companies, which can pass the growth of their spending onto consumers.

The Dow Jones Industrial Average by the close of the market on Friday fell by 271.66 points (0.78%) and amounted to 34607.72 points.

Standard & Poor's 500 fell by 34.7 points (0.77%), that is, to 4458.58 points.

The Nasdaq Composite lost 132.76 points (0.87%) to 15115.49 points.

The Dow Jones Industrial Average fell 2.2% for the week, the S&P 500 fell 1.7%, and the Nasdaq Composite fell 1.6%.

Apple Inc. share price fell 3.3% by the end of trading on Friday. The company received an order from a federal district judge who was reviewing Epic Games Inc.'s lawsuit to change the rules of the App Store and allow mobile app developers to redirect users to alternative resources to pay for services. The court ruling limits Apple's important source of revenue.

Wells Fargo fell 0.1%. On the eve it became known that the Office of the Comptroller of the Circulation (OCC) fined Wells Fargo $ 250 million due to the fact that the bank has not yet eliminated violations in the mortgage business, revealed back in 2018.

Video game makers rose. Zynga rose 6.3%, Roblox rose 1.8%, Activision Blizzard rose 2%, Electronic Arts rose 2%.

Affirm Holdings Inc., the operator of the online hire-purchase service, jumped 34% on strong quarterly earnings from the company. Affirm's revenue for the fourth financial quarter, which ended in June, amounted to $ 262 million, exceeding the market consensus forecast of $ 224 million. The company's financial statements impressed analysts: the average target price of Affirm shares after the publication of quarterly results rose to $ 109 from $ 97.
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KostiaForexMart
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Forecast for EUR/USD on September 14, 2021

Yesterday, we recommended waiting another day to see whether the price will settle below 1.1802, or will there be an upward reversal from it. The MACD indicator line of the daily scale is located at the level of 1.1802. Yesterday, the price just pierced this line with a lower shadow and closed the day higher. The Marlin Oscillator did not move below the zero line. Today the price may turn upwards. The targets are indicated on the chart: 1.1852, 1.1920.

On the four-hour scale, the price made a false pass under the level of 1.1802, forming a convergence with the Marlin Oscillator. This is a reversal signal. Marlin came close to the border with the territory of the growing trend. Overcoming yesterday's high (1.1817) will be a signal that the price could advance to the first target at 1.1852. But here we will clarify the range of the first target - 1.1852/58, since the MACD line is above, and its breakthrough in the current situation becomes a more important condition for the euro's growth towards the second target of 1.1920.

Forecast for USD/JPY on September 14, 2021

Yesterday, the USD/JPY pair decided to try to develop an upward momentum once again over the last week. On the daily chart, the price settled above the MACD indicator line, with the help of the Marlin oscillator, which turned up from the zero line. The growth target of 110.63 is the embedded trend line of the price channel. The stock market is not flat, but is growing: yesterday the S&P 500 added 0.23%, the Nasdaq lost -0.07%.

On the four-hour scale chart, the price settled above the balance (red) and MACD (blue) indicator lines, and today, since the opening of the Pacific session, the price turned upward from the MACD line, which formed a reversal pattern. The signal line of the Marlin Oscillator turned upward from the zero line. We are waiting for the price to continue rising.
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KostiaForexMart
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American stock indices fell by 0.5-0.8%

The US stock market closed in the red on Tuesday after rising early in the day on data that inflation in the US was slightly weakening. At the same time, the Nasdaq Composite dropped for the fifth session in a row.

Initially, the market began to rally in relief due to slightly smaller-than-expected price increases, but this data is unlikely to change the intentions of the Federal Reserve to roll back stimulus measures, says Randy Frederick, managing director of Charles Schwab.

Consumer prices (CPI) in the country in August rose by 5.3% compared to the same month last year, the Ministry of Labor said. Thus, inflation has slowed down somewhat compared to the maximum value over the past thirteen years of 5.4%, which was recorded in June and July. The change in the CPI index in August coincided with the average forecast of analysts.

Prices excluding food and energy (Core CPI) increased 0.1% MoM (the smallest increase since February) and 4% YoY. The consensus forecast was for an increase of 0.3% and 4.2%, respectively.

The Dow Jones Industrial Average on Tuesday fell by 292.06 points (0.84%), that is, to 34577.57 points.

The value of Standard & Poor's 500 decreased during the day by 25.68 points (0.57%), amounting to 4468.73 points.

The Nasdaq Composite dropped by 67.82 points (0.45%), that is, to 15,037.76 points.

Oracle Corp. decreased yesterday by 2.8%. A day earlier, one of the world's largest software companies announced that its revenue in the first quarter of fiscal year 2022 (June-August) increased by 4%. However, it did not live up to the expectations of the experts.

Apple Inc. dropped 1% after the company unveiled a new line of smartphones, the iPhone 13, as part of the annual event. The new iPad and Apple Watch were also shown with a display that seamlessly merges with the body.

Herbalife Nutrition Ltd. plummeted more than 21% after a nutritional supplement maker worsened its financial outlook for the second time in a month.

Sportradar Group AG fell 7.2% at its debut trading to $ 25.05. The Swiss sports performance analytics firm conducted an IPO at $ 27 on the Nasdaq and raised $ 513 million. The IPO was $ 513 million, and the company as a whole was valued at $ 21.07 billion.

Among the Dow Jones components, Walgreens Boots Alliance Inc. (-2%), Caterpillar Inc. (-1.9%) and Chevron Corp. (-1.8%). At the same time, only Microsoft Corp. shares rose in price. (+ 0.9%), Salesforce.com Inc. (+ 0.1%) and Coca-Cola Co. (+ 0.1%).

Intuit Inc. added 2% in price. The software maker that owns tax-processing platform TurboTax has announced its $ 12 billion purchase of marketing firm MailChimp.
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KostiaForexMart
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Forecast for AUD/USD on September 16, 2021

Yesterday, the Australian dollar closed the day with a white candle of 11 points, piercing the 23.6% Fibonacci level with the lower shadow, that is, having made a false exit below the level. The signal line of the Marlin Oscillator turned upward from the border with the downward trend area. Conditions and signs have been formed for a further rise to the Fibonacci level of 38.2% at the price of 0.7450. Overcoming this level opens the second target of 0.7558 - Fibonacci level 50.0%. The level grid is based on the movement from February 25 to August 20.

The Marlin Oscillator has moved into the growth area on the four-hour chart. The price is heading towards the intermediate resistance on the way to the target of 0.7450 - to the MACD line in the area of 0.7404.

Forecast for EUR/USD on September 16, 2021

The euro gained 15 points on Wednesday, helped by the ongoing divergence in European and US economic indicators for several weeks. Yesterday, European industrial production growth in July showed an increase of 1.5%, and in the US by 0.4%.

On a daily scale chart, the price is slowly reversing upward from the MACD indicator line. The Marlin Oscillator is moving sideways along the zero line - along the border separating the growing and declining trends. This behavior of the oscillator shows that additional external factors are required to continue the euro's growth. Today, it may be the indicator of retail sales in the United States for the last month - the forecast is negative: -0.8% after reducing by 1.1% in July.

We are waiting for the euro to strengthen with the release of the evening data. The task is to overcome the resistance range of 1.1852/58, which will open the second target at 1.1920.

On the four-hour timescale, the Marlin Oscillator has consolidated in a growing trend zone. The price is currently struggling with the resistance by the balance indicator line, breaking above which will make it easier for the price to prepare for an attack on the target range of 1.1852/58.
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KostiaForexMart
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Forecast for EUR/USD on September 17, 2021

Yesterday, the euro fell 52 points under mysterious circumstances. The euro chose its main movement even before the release of data on retail sales, which had practically no effect on the euro, except that other counter-dollar currencies weakened a little after the European flagship. The euro fell along with gold and US government bonds - gold lost 2.25% in a day, the yield on 5-year bonds rose from 0.799% to 0.840%. The daily trading volume for the euro was the highest in September and August. This is possible only in one case - if investors know for sure about the intention of the Federal Reserve to announce a tightening of QE at the next meeting on September 22nd.

But we will not lay such an assumption on the basis of current forecasts, since harsh statements by central banks can easily reverse technical prerequisites and trends. At the moment, the situation for the euro is completely downward: the price went under the balance and MACD indicator lines on the daily chart, the Marlin oscillator is going down in the negative zone. If it were not for the upcoming Fed meeting, we would have concluded that a confident movement to the target level of 1.1640 is being formed, but now we will keep silent about this, but note that the price is at the lower border of the consolidation range formed on July 20-26 (1.1750). Therefore, it is very possible that the decline below the indicator lines, and Marlin's departure below the zero line, may eventually turn out to be false - the price may turn upward from this level this time too. We will receive the answer only on Wednesday next week. Today our recommendation is to refrain from trading.

On the four-hour chart, a standard correction occurs after the previous price drop. The MACD line is located high from the price, which creates the preconditions for the formation of a new range (sideways movement) before the Fed meeting.
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