Yesterday’s unexpected decision by the Swiss central bank to raise the rate from -0.75% to -0.25% disrupted the plans of other world currencies, but not dramatically. For the euro, this was reflected in the continuation of corrective growth by more than a figure.
The upper shadow of the daily candle reached the MACD line at the point of its intersection with the target level of 1.0600. The Marlin Oscillator has charted a downward reversal without reaching the territory of the growing trend. Now, after the price goes under the target level of 1.0493, we can expect further price decline to the target level of 1.0340. A decline below this level also opens the 1.0170 target.
The price also faced the resistance of the MACD line on the four-hour chart. This is the right moment to complete the correction. But here the Marlin Oscillator is in a growing position, so it is extremely necessary to wait for the reversal confirmation before opening trading positions. If the price happens to go above 1.0600, then the market may change its mind about falling in the coming days and send the euro to the range of 1.0780-1.0830.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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