The euro slightly fell on Monday, but could not break away from the technical level of 1.1450. The price is forming a mini-consolidation before the likely development of the target level of 1.1496 – this is the high of March 2020. After reaching this level, the emerging divergence with the Marlin Oscillator will become more pronounced.
Technically, the situation is rare (for the formation of a divergence within a larger range), but if it occurs, the price may drop to the level of 1.1300, near which the blue MACD line is moving sideways. Consolidating above 1.1496 will be the basic condition for further growth in the range of 1.1700/22. Divergence will be eliminated.
The desire of the price to form a divergence with Marlin is noticeably more distinct on the four-hour chart. The possible development of the oscillator is marked with a dotted line.
So, our main scenario: the price fulfills the target level of 1.1496, then reverses towards 1.1300. The level may not be reached, since it started the rapid growth of the euro on February 2nd and speculators can protect it. An alternative scenario – the price goes above 1.1496 and continues to grow.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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