On Monday, the euro did not dare to attack the support of 1.0493, despite the general weakening of other counter-dollar currencies. Perhaps today there will be another attempt to overcome this level, which confidently holds the price for seven days. The target is still the same – the 1.0340/80 range, the lower limit of which is determined by the low of January 2017.
Despite the fact that the downward scenario remains the main one, the development of a correction from impenetrable support has a high probability – the signal line of the Marlin Oscillator continues to grow. A safe correction limit for the bears is 1.0642, this is the high on May 5, and if the level is overcome, then the growth will develop further, perhaps even to the MACD indicator line of the daily scale (1.0788).
On the four-hour chart, the price settled above the balance and MACD indicator lines. The MACD line itself lies in the horizon, the price winds up on it with a sinusoid. Such formations do not last long, and the whole question is in which direction the working trend exit will take place. The Marlin Oscillator is almost at the zero line and does not give a hint. It remains to wait for the resolution of this situation.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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