On Wednesday, the euro hesitated to escalate its attempt to hold above the 1.0636 level. Under slight pressure from the Marlin oscillator, which preemptively signaled a reversal, the euro turned downward toward the 1.0483 support. The bears are likely to intensify their push for the target range of 1.0449/83.
If the price stabilizes within this range, a convergence with the Marlin oscillator could form, potentially initiating a deeper correction toward the 1.0724/77 range. Should the price extend its movement to test the weekly scale target range of 1.0385-1.0418, the reversal into correction would follow a different technical setup. There is also a third scenario—if the price consolidates below 1.0385, it could continue its downward trajectory. Current sentiment in the equity markets aligns with this possibility.
On the H4 chart, the price has returned below the balance line, with the Marlin oscillator moving into negative territory. The price will likely attempt to breach the bearish target range of 1.0449/83.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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