Yesterday, the euro returned to the support level at 1.0595. The lower shadow reached Tuesday’s closing level and Wednesday’s opening level – at that time the level was stable. The signal for further downward movement, to the target range of 1.0443/70, will be when the price surpasses yesterday’s low (1.0577). The Marlin oscillator in the area of the downtrend, the downward movement is developing again.
On the four-hour chart, the MACD indicator line held back the price from falling even deeper. Also, the price could not overcome the support of the balance indicator line. The price moving away from yesterday’s low means that the price has also overcome these indicator lines.
The Marlin oscillator struggles with the resistance of its own zero line. We are waiting for the price to fall according to the main scenario. The alternative scenario will come into effect once the price climbs above 1.0660 and settles there.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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