On Thursday, the euro tried to break lower. However, just like its previous efforts, it was stopped by the MACD indicator line on the daily chart. Today it opened below the descending green channel line, increasing the risk of the price settling below this mark.
If today’s closing candle remains black, the next week will likely be dedicated to moving towards the magnetic point at 1.0488. If it closes with a white candle, the upward movement could resume and the price could move towards the Fibonacci level at 1.0763, with the goal of advancing to 1.0834.
The Marlin oscillator is decreasing and is currently working in favor of the bears. There is also speculation that, amid ongoing disagreements in the US Congress regarding next year’s budget, another temporary government funding bill may be passed, which weakens the pressure on the dollar.
On the 4-hour chart, the price stopped falling at the MACD line. The reversal pattern from the indicator line of different timeframes significantly increases the chances of a price reversal. Conversely, a synchronous breakthrough of the line on such timeframes will strengthen subsequent declines. However, the Marlin oscillator is in a suppressed state here as well, which slightly increases the bears’ chances. We’ll have to wait for the situation to unfold.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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