The euro practically stood still on Thursday, in anticipation of Federal Reserve Chairman Jerome Powell’s speech at the banking conference in Jackson Hole today. However, the upper shadow of the daily candle tested the resistance level of 1.0020.
Now the price is approaching the support at 0.9950, after which the path to 0.9850 will open. In the process of a decline, the signal line of the Marlin Oscillator will go under the turquoise line of weak convergence, which will eliminate it and take on the formation of a less steep, but more solid convergence, from the pink dashed line.
On a four-hour scale, yesterday’s top was marked on the balance indicator line. The price is in a strong downward position, but the Marlin Oscillator, which is still in the positive area, should confirm its intention for further decline. With the price consolidating below 0.9950, Marlin may find itself in the territory of negative values.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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