As we expected in yesterday’s review, the euro reached the nearest target level at 1.0493 and outlined a reversal to the upside. At the same time, the price has formed a local downward channel, which increases the likelihood of a correction by a reversal from its lower border.
The value of the correction is determined by the MACD indicator line on the four-hour chart. We believe that after a three-figure movement with investors fulfilling the strategic objectives of breaking through strong historical supports, they can take profits and wait for the decisive event – the Federal Reserve’s FOMC meeting on Wednesday next week.
As a result, we are waiting for a correctional growth of the euro in the area of the MACD line, to the level of 1.0580 or a little higher. The Marlin Oscillator on H4 is already in a hurry 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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