On Friday, the market experienced profit-taking. The euro declined by 35 pips, and trading volume was high. However, with the start of a new week, speculators may once again turn to risk amid rising stock indices and government bond yields.
On the daily chart, the price briefly dipped below the MACD indicator line, but today’s session opened above it. The Marlin oscillator is rising and preparing to enter the territory of an upward trend. Once it does, euro growth may accelerate. The target at 1.1779, based on the highs of October 1 and September 9, is open.
On the four-hour chart, during the downward correction, Marlin did not move into negative territory, and the price declined only moderately without reaching any indicator lines. It is likely that only the September low and other local extremes around the 1.1650 level were tested. We expect the price to reverse from the current level and resume growth toward the target of 1.1779.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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