Yesterday the euro fell by 132 points. The lower border of the price channel was worked out on the daily scale chart and the target level of 1.0340 was almost reached by the lower shadow of the candle. The price has formed a convergence with the Marlin Oscillator. As a result, we observe a standard situation and a dilemma when a strong level is reached – whether it will be overcome with further advancement to lower targets, or a reversal into a deep (or not so) correction.
Taking into account the fact that it is Friday, respectively, the desire of investors to close positions, despite the fact that yesterday’s fall was caused primarily by technical reasons – overcoming the accumulation of orders below 1.0493. As a result, we do not expect the price to return to the resistance level of 1.0493, it is enough for the price to win back half of the fall. At the same time, the price, which is at a 6-year low, it is advisable to form a consolidation at current levels in order to accumulate short positions to move towards the next bearish target at 1.0170.
On the four-hour chart, the nature of the price growth (the last three candles) shows a tendency to form a consolidation, that is, to a shallow correction. And here, the longer the price does not rise, the more it will lose its bullish potential, as the indicator lines approach the price and exert technical pressure. So, we are waiting for the completion of the correction or consolidation of the euro before the level of 1.0340 and the subsequent move to 1.0170.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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