On Friday, the euro corrected upwards against the entire movement that started since May 16th. The correction turned out to be deep, almost 62%, and if it suddenly continues with a break above the price channel line (1.0872), then the upward trend from April 16th will continue with a breakthrough of 1.0905.
However, until there is a break above 1.0872, we consider this as an alternative scenario. At the moment, we expect the price to return to the support at 1.0796, then to work out the lower line of the price channel and the MACD line around the 1.0766 mark. The Marlin oscillator still supports the bearish scenario.
On the 4-hour chart, Marlin has already moved into the positive territory. There’s about a 70% probability of working out the price channel line at 1.0872, towards which the MACD line is approaching. The red balance line is also moving in that direction. There are no clear signs of growth or decline at the moment; we expect the price to move sideways for 1-2 days, especially since today is a holiday in the UK and the US.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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