By the end of Monday, the euro fell by 102 pips, piercing the support level of 1.1632. The price returned below the balance indicator line, while the Marlin oscillator settled in negative territory. However, for full confirmation that control has returned to the bears, the price must consolidate below 1.1632. In that case, the target will open at 1.1495.
To break the main downward trend, the price must rise above the MACD line resistance around 1.1762. This would open the target at the upper boundary of the price channel at 1.1872. For now, this remains the alternative scenario.
On the H4 chart, the price is battling with the level reached yesterday. The Marlin oscillator’s consolidation in negative territory supports the price holding below support at this scale. This will be the first sign that the price is ready to continue its decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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