Yesterday, the euro closed slightly lower, clearly influenced by the stock market, which fell during the second half of the US session. Overall, the euro continues its attempts to reach the target level of 1.0905. It started the day by trading higher, although the Marlin oscillator is currently decreasing.
If the euro reaches the designated level, it will form a divergence with the oscillator, providing a classic reversal signal. On the 4-hour chart, the price approached the MACD line. If it consolidates below this, below the 1.0850 mark, it will indicate the price’s intention to test the support at 1.0796.
The signal line of the Marlin oscillator managed to settle below the zero line, increasing the probability of the price breaking below the MACD line. However, we have an uptrend on the daily chart, so a sharp decline may turn out to be a false movement within the context of a complicated sideways correction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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