The euro closed Tuesday down 43 points. The MACD indicator line was tested by the lower shadow of the daily candle. The Marlin Oscillator is going down, we are waiting for the price to attempt to overcome the support of the MACD line (1.0693) with further advance to 1.0600. This is the main scenario.
If we assume that yesterday’s movement was only a correction, then further growth is possible after the exit above the nearest resistance at 1.0780. In this case, the target is the 1.0830 level. Overcoming the latter may help the price to rise to the resistance area of March (1.1121/85).
On a four-hour scale, you can see how yesterday’s downward price movement was suspended by the MACD line. The Marlin Oscillator still managed to gain a foothold in the negative area, now it will help the price overcome the support of 1.0693. We can hope for the development of 1.0600 only when the price settles below this level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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