The euro is trying to develop growth in very difficult technical conditions. Yesterday, this growth stopped at the resistance of 1.0020. On the daily timeframe, the price convergence with the Marlin Oscillator is intensifying and the probability of working out the resistances 1.0100 (MACD line) and 1.0150 increases.
The option with the price falling to 0.9850 with the formation of convergence remains slightly lower, for this the support of 0.9950 must be overcome and in addition to this, Friday’s employment data in the US will not disappoint investors’ expectations.
The price is between the resistance level of 1.0020 and the MACD indicator line on the four-hour chart. For the steady development of growth, it is not enough for the price to go above 1.0020, it is necessary to overcome the peak on August 26 (1.0088), and there is already the next price resistance at 1.0150.
The first condition for the development of the downward direction will be consolidating under the MACD line, below 0.9980, then consolidating under 0.9950. By this time, the Marlin Oscillator will be in negative territory and join the development of a downward trend. This is our main scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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