Hidden Bearish Divergence EUR-USD

FX:EURUSD   Euro / U.S. Dollar
120 0 3
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
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