Yesterday, the euro barely missed reaching the MACD indicator line on the daily chart. Perhaps the only target is 1.0924. The price then dropped and hit the support level at 1.0834 – the lows of June 30 and July 6. Now the price has more than enough reasons for a bullish correction.
However, for the signal to take place, the price needs to consolidate above 1.0865. If, however, the price consolidates below the reached level of 1.0834, then the bears can celebrate their victory and aim for 1.0780 and 1.0690.
On the four-hour chart, the price has settled below the MACD line. But at the same time, both the price and the Marlin oscillator have formed a double convergence – a reversal pattern. We can confirm this reversal signal once the price settles above 1.0865 and simultaneously above the MACD line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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