On Tuesday, the euro made a desperate attempt to rise, reaching the target level of 1.0470 (April low), after which the price returned to the level of 1.0360. Now we have only one thing left – to wait another day to let the price decide – whether to repeat the attempt at growth, or settle under 1.0360 and return to 1.0205 and then to 1.0100/20.
From a purely technical point of view, the euro has outlined a reversal, as the Marlin Oscillator tells us. The influence of the oscillator is increasing on the four-hour chart – a divergence with the price has been formed. With the transition of the signal line of the oscillator into negative territory, the pressure on the price will increase even more. But we are waiting for the price to settle under 1.0360.
The immediate support at 1.0205 will soon be strengthened by the MACD indicator line, as it approaches it. Here the medium-term direction of the price will be decided.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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