The euro lost 24 points yesterday, having tested the balance indicator line. The test was successful for the bulls – the line turned out to be a strong support, and now the price has increased the likelihood of further growth towards reaching the target level of 1.1496, set by the high of March 2020. Reaching this target level will strengthen the divergence with the Marlin Oscillator (due to the price exceeding the high on January 14), after which we expect the price to roll back to the range of 1.1300/60.
On the four-hour chart, if the price rises to the level of 1.1496 with the Marlin Oscillator, a divergence will also form. Simultaneous divergence on two time frames will strengthen the downward movement.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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