Yesterday, the euro fulfilled its optimal task – it reached the target resistance of 1.0170, after which it turned down from it. The signal line of the Marlin Oscillator on a daily scale touched the upper border of its descending channel, now it shows a reversal from the border into the channel.
The signals of the price and the oscillator have synchronized, now with the greatest probability we can expect a new wave of decline to the target levels of 1.0020 and 0.9950. Perhaps the decline will continue even deeper, towards the target of 0.9850. Data on the construction of new homes in the US for June will be published today, the forecast is 1.58 million y/y against 1.54 million y/y in May, which, amid general expectation of a recession, looks very optimistic for the US.
The Marlin Oscillator is also turning down on the four-hour chart. The price is now above the balance (red) and MACD (blue) indicator lines, and overcoming these supports (1.0090) opens the first target at 1.0020.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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