On Friday, the euro settled above the target range of 1.0758/87. Now, with the support of the Marlin oscillator, it is rising in the green zone, the price moves to the target level of 1.0990 – to the Fibonacci reaction level of 314.0% from the first growth branch on September 28-October 4.
From this level, we expect a renewed divergence to form and the price to reverse into a medium-term decline. On the four-hour chart, the price turned up from the upper limit of the range (1.0787), showing the strength against the earlier convergence.
Perhaps the market is preparing for a double convergence at 1.0870, where it could settle before rising further. Consolidation could be based on today’s US holiday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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