Yesterday, the euro once again tested the upper shadow of resistance at the MACD line and the target level of 1.0905. We have confirmed that the price has consolidated below these lines. The Marlin oscillator is declining, still staying in positive territory. Perhaps, on the way to 1.0796, there is another support level that we did not identify earlier because the oscillator appears lagging.
Such support could be the November 22, 2023 low at 1.0853. Visually, it still looks weak, almost unnoticeable on strong news. Tomorrow, the Federal Reserve will announce its decision on monetary policy. The main scenario follows that the pair may fall towards the target level of 1.0796.
On the 4-hour chart, a price convergence with the Marlin oscillator is forming. A reversal is unlikely, but this tells us about a stronger bearish pressure to create consolidation above the level of 1.0853 in anticipation of the Fed meeting.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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