Yesterday’s attempt to push the euro upwards was not developed, growth by 14 points received a form of correction from Friday’s decline. In general, the situation on the daily chart looks neutral, but the internal structure of the movement inclines the technical mind to consider a downside scenario.
This scenario assumes that as the price falls below the support level of 1.0150, the price will move further down to the target level of 1.0020 and further to 0.9950. The Marlin Oscillator is in a leading position, waiting for a price signal in one direction or another.
An alternative growing scenario will come into effect with the price moving above the MACD indicator line (1.0242). The first target will be the level of 1.0360.
On the four-hour chart, yesterday’s growth was stopped by the MACD line. The signal line of the Marlin Oscillator turned down from the border with the upward trend area. Now the price is most likely to continue to decline and has the intention to go under 1.0150. The first signal of a change in the plan will be the price above the MACD line (1.0224).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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