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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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Forecast for EUR/USD on June 23, 2020

EUR/USD

Monday ended with a significant increase in the euro risk appetite, as it was a week earlier. But unlike the growth on the 15th, yesterday's growth was in a narrow sector of values - the euro and US stock indices: the euro grew by 85 points and the S&P 500 with 0.65%, while the Euro Stoxx 50 by -0.84% at the end of the European session. Gold has risen in price, yields on US government bonds have grown. Given the euro's growth with weak support for the broad market, it may soon turn into a decline. There is an alternative scenario - risk appetite will gradually increase and will soon affect other key trading instruments.

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The readings of technical indicators confirm the growth - the signal line of the Marlin oscillator on the daily chart reversed from the border dividing the growth zone from the decline zone. The price overcame the first target level of the bulls and the 1.1385 target opened.

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The price goes above the balance indicator line on the H4 chart, shifting the price equilibrium towards growth. According to the Marlin oscillator, the double convergence has fully worked out, the signal line is approaching the upper border of its own channel, touching it could coincide with reaching the price of the MACD indicator line (1.1303). The market can wait for a surprise here - the euro will turn down, up to completing the previously defined target on the embedded line of the price channel on the higher timeframe - 1.1115. Price taking above 1.1303 increases the chances of the price reaching the upper target of 1.1385.

The material has been provided by InstaForex Company - www.instaforex.com