On Friday, the euro plunged by over a hundred pips, but it did not reach the target – the nearest embedded line of the price channel. Now there’s a good chance it will fall, albeit at a slightly slower pace. The area of convergence of indicator and linear levels becomes a magnetic point: the balance lines, price channel lines, and the MACD line near the 1.0833 mark. Below this level lies the target support level at 1.0804. Overall, we can assume that the euro is aiming for the 1.0804/33 range.
An alternative scenario with the price climbing to 1.1000 may unfold once the price settles above the upper band of the range at 1.0910/30. However, on the way, an intermediate and strong level at 1.0971 – the peak of June 16 and April 4-5 – will act as an obstacle.
On the four-hour chart, the price is testing the lower band of the range at 1.0910/30 from below. The price is below the balance and MACD indicator lines, indicating a corrective nature of the growth for now. The Marlin oscillator is also correcting after Friday’s decline, staying within the downtrend territory.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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