Last Friday, the euro found support below the target level of 1.0552 on the daily chart. The support level at 1.0483 and the price channel line at 1.0464, which is just below it, are close by. However, the Marlin oscillator, which is moving upward into the bullish territory, brings an opportunity for the price to rise from the current levels.
The euro is also being supported by related markets like gold, which rose by 3.11% on Friday, and stock markets that closed mixed. Marlin also suggests that there hasn’t been a full correction from the decline since July 18, and a break above 1.0613 to 1.0777 would create a 38.2% correction.
There’s a possibility that the price will test the support level at 1.0410 and form a new technical convergence, but this scenario has a low chance compared to the bullish scenario.
On the 4-hour chart, the price is consolidating below the indicator lines, with Marlin in a downtrend. Overall, we have a bearish situation, but the price is developing in the range of 1.0483 to 1.0552, so the current indicator readings may change soon. With this technical picture, a break above the resistance level at 1.0552 will trigger a rapid rise in the Marlin oscillator and its transition into the bullish territory. We are waiting for further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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