The euro almost reached a life goal on Tuesday, at least for the last 14 years. But more precisely, it was the dollar that brought the euro into balance with itself – 1.0000. But to be even more precise, the dollar has been depreciating the euro for a long time, because its theoretical balance is 1.20. Therefore, although conditional parity has been reached, there is still a lot of room to a new low of the last 20 years. We believe the euro will hit a February 2002 low of 0.8562. Of course, this can only happen next year.
The Marlin Oscillator is turning up on the daily chart, the price does not show a determination to overcome the target level of 1.0020 in order to reach the support of 0.9950. But the pattern on the 7th may well repeat, when the oscillator turned slightly up and fell along with the price.
The turning point appears more clearly on the four-hour chart – there is a convergence with the Marlin Oscillator. Convergence may weaken under the influence of time – the longer the price consolidates around 1.0020, the less the impact of convergence, which will soon transform into another formation. The target for growth is 1.0170, to which the MACD line is approaching.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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