On Tuesday, the euro tried to expand the expected range of 1.0910/30, piercing both boundaries with shadows. However, it closed the day within the range. Nevertheless, the pair managed to expand the expected range (or rather, the target range), and now yesterday’s low (1.0893) serves as a signal for a decline. Breaking below it would open the path towards 1.0840 – the embedded line of the price channel on the higher chart.
A price breakthrough above Tuesday’s high at 1.0947 would allow the price to reach the signal level at 1.0971, and breaking above that would open the target of 1.1007. It is difficult for the price to fall as its indecisiveness keeps it away from breaking below the balance indicator line. Now, a powerful and rapid decline is necessary to overcome it. If there is no such movement, there’s a fairly high probability of the price climbing above the nearest resistances.
On the 4-hour chart, as suggested by the Marlin oscillator, the price is gathering strength within the range of 1.0910/30 in preparation for a downward breakthrough, aiming to surpass the MACD indicator line (1.0892). Success would subsequently allow for further advancement towards the target of 1.0840. Currently, the situation is ambiguous, with the price above both indicator lines, and it may find strength for an upward breakthrough. We await further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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