Yesterday, the euro peaked at 1.0458. We previously identified a target level of 1.0461, based on the low from December 2; however, this can now be adjusted to the December 13 low, which sets the new target at 1.0454. The euro surpassed this by 4 pips. Ultimately, the price reached the resistance level but failed to consolidate above the balance line, closing the day with a 21-pip decline and did not consolidate above the MACD line.
This morning, the price continues to press against the MACD line, while the Marlin oscillator has turned downward. If the support level at 1.0350 is breached, the next target will be 1.0135. A weak double divergence has formed on the H4 chart. The signal line of the Marlin oscillator is nearing negative territory.
We expect the price to test the 1.0350 support level soon. This level is reinforced and its significance is heightened by the MACD line, which is approaching the support level. A consolidation below 1.0350 could trigger a sharp price decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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