EUR/USD trading talks November 04
EUR/USD trend channel is not broken and the market activity over the past 2 days just confirmed my forecast and even exceeded my expectations. Thus, the price fell to 0.97300, and after a short-term consolidation, returned to the trend channel.
At the moment, the EMA 100 and EMA 200 levels on the four-hour chart are the key resistance levels at 0.98600 and 0.98700. At the same time, the EMA 200 level on the hourly chart also placed in this area, and the EMA 100 has already been passed at the price of 0.98370. Moreover, the MACD indicator after a strong impulse signals further growth, this can be concluded after the crossing of the signal line.
On the daily chart, there is a convergence with the current correction of the main downtrend, which in turn is in a weak divergence from the MACD.
I can sum up that the growth potential is quite high. But will it be in the near future, in my opinion no. In the near term, I see the possibility of a decline from EMA 100 and EMA 200 levels to ones with lower pressure at 0.98300 and 0.98100, and there remains the possibility of consolidation and the formation of a narrowing correction. Of course, the breakout of the resistance level of EMA 100 and EMA 200 is a marker event for further growth and continuation of movement according to the current corrective trend on the four-hour chart.