The euro changed its bearish mood on Friday, and jumped by 120 pips on Monday from the low of the day, from the support of the target level, or more precisely, the upper limit of the target range of 1.0758/87. The price is consolidating above the MACD indicator line below the upper limit of the green price channel. Climbing above the 1.0930 reference level will make 1.0990 the next target.
Bears, if they don’t want to give up easily and have control of the situation, must consolidate under the MACD line on the daily chart, below 1.0867. In this case, a divergence with the Marlin oscillator will unfold, and simultaneously, the signal line of the oscillator will leave the wedge and move down. The price will move towards the range of 1.0758/87.
On the four-hour chart, a double divergence of the price with the oscillator has already been formed. This is an effective sign of a reversal, but it’s not enough. In the current conditions, the price needs to cross the support of the MACD line, around 1.0857, which is 10 pips below the MACD line on the daily chart. We have to wait what scenario the market will choose in the near future.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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