The euro fell by 39 points on Friday, clearly defining the downward direction, confirmed by a sharp downward reversal of the Marlin Oscillator on the daily scale chart. Since the movement is strong, we expect the support of the 1.1280 target level (February 14 low) to be broken, which coincides with the MACD indicator line. The price drop below the indicated level opens the target at 1.1060.
But today is a public holiday in the US, and although the price almost won back Friday’s fall in the morning, we do not expect the price to break above the signal level of 1.1387.
On a four-hour scale, the price is kept under the MACD line, but has gone above the balance line. Marlin turned up from the zero line. MACD’s indicator line coincides with the signal level of 1.1387, which strengthens it. The resolution of the situation, in all likelihood, will be tomorrow, the main scenario is going down.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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