Yesterday, the euro spent the day preparing to consolidate below the 1.1632 support level (if the main bearish scenario plays out).
On the daily candle, the upper shadow slightly pierced the balance indicator line, while the Marlin oscillator remained in negative territory. The bearish sentiment in price action has persisted. Now, the price needs to break through yesterday’s low at 1.1603, which would open the way toward the next target at 1.1495. A surge upward can be expected only after breaking above yesterday’s high at 1.1666.
On the four-hour chart, the price mainly developed below the balance line. The Marlin oscillator failed to enter the bullish area. This market behavior is typical of consolidation. A firm move below 1.1632 will mark the start of a push down toward 1.1495.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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