Yesterday, the euro corrected higher, but due to pressure from the stock market (S&P 500 -0.28%), it ended the day down by 4 pips. The Marlin oscillator has started to decline more confidently in the negative territory. The price will likely test the support at 1.0796. Below it lies the simple moving average with a period of 144, and if the price falls below this mark, it will confirm the seriousness of breaking the linear level.
An alternative scenario will come into play if the price breaches yesterday’s high at 1.0865. The target will then be 1.0905. On the 4-hour chart, the price moved down from the resistance of the balance line. This shows that the pair’s rise from the last two days was just part of a corrective move.
The Marlin oscillator has moved into the downtrend territory. The price value of yesterday’s high (1.0865) coincides with the MACD line at the point where the price may potentially break above this mark. This level is strong enough to have a key role in determining if the pair will transition to an alternative scenario. But for now, we’re waiting for the price to fall to the support at 1.0796.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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