On Friday, the euro completed its correction from the December 17-18 price decline. Assuming that the correction is incomplete, a move above 1.0461 would invalidate investors’ plans regarding the Federal Reserve’s monetary policy.
The Marlin oscillator also signals the end of the correction, as it begins to turn downward without reaching the growth territory boundary. A gradual decline to the support level at 1.0250 appears logical. Considering the thinning market ahead of the Catholic holidays, strong orders may already be absent at the 1.0350 level.
The four-hour chart shows the price’s growth from the 1.0350 support occurred below the balance line (red moving average). The Marlin oscillator moved above the zero line, but this could be a false move, confirming a reversal toward a new low at 1.0250.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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