Yesterday, the euro closed with a white candle above the level of 1.0905, and the signal line of the Marlin oscillator quickly returned to the bullish territory. Although this isn’t a signal that the pair will rise to the level of 1.1033, it removes the risk of a decline to 1.0825.
Perhaps the bulls still do not have enough long positions to overcome 1.0946, then we will see the price consolidating in the range of 1.0905/46. On the 4-hour chart, the price has settled above the level of 1.0905 and above the 38.2% Fibonacci corrective level.
The Marlin oscillator is misleading the bulls, showing an intention to move below the neutral zero line. At the same time, this is a sign of an upcoming correction in the range of 1.0905/46. A consolidation below the lower band of the range will sharply increase the risks of a decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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