EUR/USD effortlessly surpassed the Fibonacci retracement levels on Tuesday and hit the target level of 1.0613. A breakdown of this will likely lead to further growth towards 1.0687. The balance line (red moving average) also approaches this level.
To strengthen the medium-term upward trend, the pair needs to surpass this line; otherwise, the corrective rally may soon come to an end, and euro will continue its overall downward trend. The Marlin oscillator remains strong.
On the four-hour chart, the pair appears to be consolidating, and the Marlin oscillator shows the same, indicating pressure from bears. This may be because yesterday’s trading volume hit the levels seen in September and August. Nevertheless, bulls may take control of the market today.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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