Hidden Bearish Divergence EUR-USD
This morning will see the eurozone producer price index. The annual rate was -1.4% last time and the consensus forecast is -1.5%. A lower than expected reading will be bearish for the Euro. Factory orders for the US is expected to recover from last reading today and the economic optimism is due as well today.
The EUR-USD rate is making lower highs in price but the MACD is making higher highs, this is known as hidden bearish divergence. This indicates underlying weakness and suggests a continuation of the downward trend. Further confirmation will be provided when the MACD makes a downward cross.
1.24400 will act as a daily support level, so place take profit just above this level, around 1.24450/1.24500
The EUR-USD rate is making lower highs in price but the MACD is making higher highs, this is known as hidden bearish divergence. This indicates underlying weakness and suggests a continuation of the downward trend. Further confirmation will be provided when the MACD makes a downward cross.
1.24400 will act as a daily support level, so place take profit just above this level, around 1.24450/1.24500
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