On Friday, the euro fell by 53 pips. This morning, there was a weak attempt to reach the support at 1.0796, but the price doesn’t have enough strength. Traders will likely test the support level during the day, after which we expect a moderate correction. Next, the price will attempt to consolidate below 1.0796, then fall to the target level of 1.0724 (the low of December 8). This is the main scenario.
The Marlin oscillator has settled in negative territory; it may increase the technical pressure on the price as soon as the bulls give up.
On the 4-hour chart, we clarify the support range, with the lower limit of which can be MA144 on the daily timeframe, resulting in a range of 1.0788/96. At this scale, we also see double price convergence with the Marlin oscillator. But since the pair is following a downtrend, any rise is considered corrective. Marlin may briefly enter the positive territory during this period.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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