On Friday, the euro did not linger in the consolidation and decided to reach the target level of 1.0020 as soon as possible. This goal was achieved this morning. The probability of correction increases from this level, since it is the Fibonacci reaction level of 161.8% of the movement branch from the historical peak in July 2008 (1.6038) to the October 2008 low (1.2323), which is convenient to consider on a monthly scale.
After consolidating below the level of 1.0020, we expect the price to further decline to the July 14 low at 0.9950 and further decline to the target of 0.9850. The Marlin Oscillator has recently moved into a downward trend zone and is poised for a deep downward move. The formation of price convergence with the oscillator is likely at the level of 0.9850, the euro may turn up in the medium-term movement.
A price convergence with the Marlin Oscillator is forming on the H4 chart. If it is confirmed, then we are waiting for the lateral movement of the euro above 1.0020. Important economic releases will not be published today, so the potential of the euro correction can be realized. Neutral day.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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