We notice on the 4 hours chart that the Euro is trading within an ascending channel and it has failed after 4 attempts to breach down this channel, this is a signal that the prices can make some up corrections towards the 1.2513 level and should it breach up this level, the next target would be towards the Ichimoku resistance level at $1.2550.
However this rise is just a correction and the main general trend of the market would remain bearish and if it breach down the 1.2485 level which is bottom line of the channel , this will confirm the bearish trend and it will decrease towards the 1.2450 level , then to the 1.2413 level.
On the 1 hour chart, the MACD and Parabolic Sar confirm the bullish trend, however on the 4 hours chart it they confirm the bearish trend of the market.
We draw the attention of our dear clients to monitor the economic news of today especially the US Core Retail Sales.
Nice trading all