Yesterday’s decline in the euro amounted to 44 points. The lower daily shadow reached the MACD line, but there was no consolidation either under it or under the price level of 1.1300. Well, since the delay occurred in the range of the monthly consolidation of December 2021, then a sideways movement is likely for another one or two days.
Overcoming yesterday’s low (1.1280), which will correspond to the breakthrough of the MACD line, will open the target at 1.1060. A reversal of the euro into growth is possible, but the signal level is very high – this is the high of February 10 at 1.1495. Before crossing this level, strong chaotic movements in the range of 1.1300-1.1496 are very likely.
But such movements in themselves will already be a sign of further growth of the euro, to the target range of 1.1700/22. Downward movement is expected to be smooth.
On a four-hour scale, the price is consolidating at 1.1300. The signal line of the Marlin Oscillator also lies sideways. Price and oscillator in downward trend zones. A change in trends may occur when the price goes above the MACD line, above 1.1364. This will be a sign of its further movement towards 1.1496. But, based on the situation on the daily chart, such a local growth may turn out to be false. We are waiting for the development of the situation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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