Daily chart: euro sticks to declining structure, so we are likely to see further drop towards lower Bollinger band (1.0484). ADX is getting closer and closer to trend, so bears may enter the market at any moment now.
Н4: here we have declining ADX, so bears may have certain difficulties in 1.0550 region (lower Bollinger band). This may cause day flat in 1.0550-1.0613 region
Н1: here ADX is corrective. So we have strong support in 1.0543-1.0550 region. In case of its breakout, movement to the downside will be triggered.
Core scenario - flat in 1.0543-1.0584
Alternative scenario - drop to 1.0484 (in case of downward breakout of 1.0543)
Solutions: consider selling from 1.0584 to 1.0484
You may check other analytical reviews on the web-site of FreshForex company. Source: freshforex.com.[...]
ISM Manufacturing Index is one of the most important and reliable economic growth indicators. Index data is published monthly and the nearest data report is scheduled on March 1st at 3 p.m. GMT.
The leading FreshForex analyst Catherine Main commented on the oncoming report as follows:
“ISM manufacturing index is likely to show strong data again. It is suggested by significant increase in Philly Fed Manufacturing Index and New York Fed Manufacturing Index. So decrease in EUR/USD, GBP/USD quotes and increase in USD/TRY quotes may be expected.”
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