Yesterday, the euro tried to rally but failed, even though the turning point of the rally was above the shadows of the last two days. This time the rally stopped when the price would cross the 1.0787 level (more precisely, the upper limit of the target range at 1.0758/87) and the MACD indicator line on the daily chart.
The Marlin oscillator is moving sideways. In general, the euro can consolidate under the specified target range. According to the main scenario, I expect EUR to fall to 1.0595. Staying below the level opens the next target at 1.0470. On the four-hour chart, the consolidation from the last three days looks like a correction from the decline since February 2.
Yesterday the price approached the balance indicator line and turned around, which might signal the end of the correction. The price has settled under 1.0758. The Marlin oscillator is on the limit of the downtrend area, waiting for another signal to move into the lower area. In all likelihood, such a signal will come after the price overcomes yesterday’s low of 1.0710.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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