The euro has not completely recovered from last week's ECB meeting and rose by 32 points on Friday. The price also remains above the balance and MACD indicator lines on the daily chart, while the Marlin oscillator remains in the downward trend zone. We expect the price to settle under the MACD line, below 1.1780 and also fall further to 1.1650.
The price is below the MACD indicator line on the four-hour chart. The MACD line itself, which also shows the trend's direction, lies in the horizon. The signal line of the Marlin oscillator also develops horizontally. The short-term trend is neutral.
There is a possibility that the price will go above the MACD line (1.1850) and settle above it. In this case, the price can reach the Thursday high of 1.1917 and higher to the border of the price channel of 1.1905. The main scenario of the beginning of the week suggests consolidating the price at 1.1780 and further decline. We are waiting for developments.The material has been provided by InstaForex Company - www.instaforex.com