Last Friday and in today's Asian session, the euro worked out the consolidation range of 1.1802/52 and currently intends to push through its lower level (1.1802), formed by the daily MACD indicator line.
The Marlin Oscillator on the daily tries to move into the zone of negative values, and if this happens, the trend of the oscillator will take a downward character, which will empirically exert bearish pressure on the price. Settling in the 1.1802/52 range may not result in growth, but a decline, and the target of this movement will be the level of 1.1705 - the low on August 11 and March 31. The price growth to the target levels 1.1920 and 1.1975 is possible after the price rises above the upper border of the specified range of 1.1852.
The price is in a fairly strong downward position on the four-hour chart, last Friday there was a downward reversal from the MACD line, which is a signal for a short-term, in the long term of several days, decline, but there is one clue for the bulls - an upward reversal of the Marlin oscillator with a hint of convergence...
So, in this situation, it is advisable to wait another day before making a choice - whether the price will settle below 1.1802, or there will be an upward reversal from it.
In the current situation, it is also important to keep an eye on the stock market. It is possible that it is already turning into a sufficiently deep correction that can turn the foreign exchange market towards the general strengthening of the dollar.The material has been provided by InstaForex Company - www.instaforex.com