The euro closed Friday with a 71-point drop. The price tried to get out of the target range of 1.0758/87, but it still ended the day within that range. On the daily chart, the Marlin oscillator fell even deeper. Now, after settling below 1.0758, we’re waiting for the price near the target support at 1.0660.
On the four-hour chart, the MACD and balance line are in the way. The Marlin oscillator has penetrated into the area of the downtrend and is stuck there. Now, in order to fuel the bears, they need to overcome Friday’s low at 1.0714.
If the price rebounds above 1.0787, the euro may continue its bullish correction to 1.0860, to the MACD line on the daily chart.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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