Yesterday, the euro struggled to overcome a bearish path by 33 pips, pausing at the lower boundary of a wide consolidation range since mid-June. The signal line of the Marlin oscillator also held its own consolidation.
The probability of a bearish breakthrough is quite high, as technically the price is in a downward trend according to all the parameters. The target range of 1.0636/50 is strong, which corresponds to the May 2023 low. A consolidation below this range will provide another impetus towards targets at 1.0595 and 1.0520.
On the 4-hour chart, the price is declining below the balance and Kijun-sen indicator lines, with the Marlin oscillator moving in a downward trajectory. We’re waiting for the price to reach the target range of 1.0636/50.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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