Having penetrated into the 1.0493-1.0600 consolidation range on Tuesday, the euro did not linger in it, returning to the lower limit of this range on Wednesday. The Marlin Oscillator on a daily scale also did not begin to develop an attack on the territory of a growing trend, turning down before reaching the zero line.
Now the option of moving further down to support 1.0340 becomes the main scenario, and overcoming the target level will develop an attack to 1.0170.
On the four-hour chart, the price is struggling with the support of the MACD line. If the price goes under yesterday’s low at 1.0459, it will also mean that the MACD line has been overcome – a double local signal. Also, the Marlin Oscillator is about to go into the negative area, which, in fact, will confirm the bearish signal along the MACD line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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