The market was calm on Monday, without any upbeat news, the euro could not overcome the technical support at 1.0660, yesterday’s growth was 45 pips. The euro continued to move sideways in the 1.0660-1.0758 range.
The best thing that the euro can do for the bearish scenario is to pierce the upper limit of the 1.0758/87 range. If the euro settles above the MACD line (above 1.0820), the alternative option is for the price to rise to 1.0990. I expect the price to cross 1.0660 and fall further to 1.0595.
On the four-hour chart, the signal line of the Marlin oscillator is in the green zone. This will help the price and if it doesn’t overcome the nearest resistance, then it will linger in the sideways movement. At the moment, time is not on the euro’s side, since the MACD line is getting closer to the price with each candle, and it increases the pressure.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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