Last Friday, the euro fell by 52 points, and this morning the price reached support for the most important line of the global price channel of the higher timeframe at around 0.9724.
After the price settles below this line on a weekly scale, further downward movement of the price to the target level of 0.9338 is likely.
The situation is similar on the daily chart – after consolidating under 0.9724, the price will go to the nearest support at 0.9520, that is, the price will try to renew the September 28 low. Here there is a risk of forming convergence with the Marlin Oscillator. Perhaps, before moving to 0.9338, the price will lie in a side trend for 1-2 weeks. At the moment the trend is down.
On the four-hour chart, the price lingered on the technical price support lines and the MACD indicator line. Accordingly, consolidating below the level and on this time frame creates a downward momentum. Marlin is developing in its lower half – in the territory of a downward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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