Yesterday, the euro reached the MACD indicator line at 1.0877 on the daily time frame, after which, under pressure from the stock market, it retreated, closing the day with a 2-point high white candle. This morning, the price continues to decline.
If the price falls below the support at 1.0825, this will confirm the reversal and simultaneously open the target at 1.0724 – a strong support in December and February. The Marlin oscillator has turned down.
An alternative scenario is possible if the price climbs above the MACD line during a stock market rally. In this case, the euro could rise above the target level of 1.0905. On the 4-hour chart, it seems that the price intends to move below the MACD line (1.0840). This will be a sign that the price is ready to attack the support level at 1.0825.
Over the past day, the Marlin oscillator’s signal line has formed a small consolidation range and it seems prepared to break below this mark. The oscillator moving into negative territory will increase pressure on the price. And, of course, investors are awaiting tomorrow’s European Central Bank meeting. The ECB may announce that it is ready to lower rates.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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