This morning, the euro reached the nearest corrective target of 1.0280 – the resistance of the MACD indicator line. Now the price has two options for further actions: to overcome the MACD line and test the target level of 1.0360 (June 15 low), or return to the support of 1.0150 and try to overcome it.
The probability of each scenario is the same. If the quote goes above the MACD line, then growth as a continuation of the correction will become a priority. To cancel the growth scenario, there is no exact signal level either on the daily chart or on the four-hour chart. Probably, it is on the time scale (we will consider below).
The price is struggling with the resistance level of 1.0280 on the H4 chart, the Marlin Oscillator is slowing down in the positive area, but this is not yet an indication of a change in the current local trend. The general situation is ascending.
The Marlin Oscillator has formed a consolidation above the zero line on the hourly timeframe, there is a possibility that the oscillator will return to a downward trajectory. The signal level in this case will be the MACD line at 1.0245, overcoming it will be the first and early signal of the completion of the correction and the price’s intention to reverse.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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