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EUR/USD - 4H.
As seen on the 4-hour chart, the EUR/USD pair continues to fall after the formation of a bearish divergence in the MACD indicator. The first goal (level - low 1.1086) has been fulfilled. Now I am waiting for the pair's quotes to consolidate below this level and for the pair to fall further towards the next level - the low of 1.1040. The new downward trend corridor clearly shows the "bearish" mood of most traders in the market. The rebound of quotes from the level of 1.1086 may work in favor of the euro currency and some growth in the direction of the upper line of the corridor, but I still tend to close below the level of 1.1086. Today, January 20, a bullish divergence is brewing for the MACD indicator, but at the moment, it cannot be called formed yet. The information background on Friday was contradictory, as the US and European news were equally weaker than traders' expectations. Nevertheless, most of the "graphic" factors were in favor of the growth of the US currency.
Forecast for EUR/USD and trading recommendations:
The long-term trading idea remains valid, as the pair's quotes have performed a consolidation under the upward corridor on the 24-hour chart. Traders still have a long-term target for a fall near the level of 1.0850. Terms of execution - 2-3 weeks.
The short-term trading idea is to sell the pair with the goal of 1.1040 since the trend on the 4-hour chart is again "bearish". After working out this level, new trading ideas will be generated.
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