Yesterday, market correlations returned to their usual state: oil and stock indexes declined, along with other anti-dollar currencies. The euro fell 42 pips, entering the range of Monday-Tuesday candle bodies.
The trading volume was above average, indicating direct sales of the euro. Even yesterday’s European Central Bank meeting failed to provide any encouraging signals regarding the development of inflation and the economy. The divergence between the price and the Marlin oscillator is coming into play. If the pair closes the day below 1.0905, reaching the support at 1.0788 will become the price’s next objective.
On the 4-hour chart, the price went down at the intersection of the 1.0905 support level and the MACD line. This is a strong enough breakthrough to accelerate the current movement. The price settled below these lines, and the Marlin oscillator is heading down in the downtrend territory.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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