Last Friday, the euro edged up, but this morning, the black candle almost blocked this growth. The Marlin oscillator intends to move downwards. There is a risk of moving away from the important resistance level at 1.0613 and falling below 1.0552. If this happens, the price may try to reach the target support level at 1.0483, and if the bears refuse to back down, the price might test the price channel line at 1.0449, coinciding with the October 3rd low.
If the bulls manage to overcome the technical resistance level at 1.0613, their success could lead them to the MACD line on the daily chart, near the target level at 1.0687. There’s a 55% chance of a bearish scenario. The falling stock market supports the US dollar.
On the 4-hour chart, the price is trying to rise above the indicator lines, but the Marlin oscillator has been moving sideways since Thursday, signaling a potential reversal. Tomorrow, the eurozone and US PMIs for October will be released. Forecasts are negative, so it’s worth keeping an eye on the bears.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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