The slow growth of the European currency, which we talked about in yesterday's review, turned out to be a loss of 23 points for it. The Marlin Oscillator on the daily chart still looks vigorous and continues to grow, which indicates the beginning of the formation of a price reversal. If this intention is confirmed, the first target will be the MACD indicator line, in the area of 1.1706, which coincides with the low on August 11.
The main events unfold on a four-hour scale - the price cannot overcome the resistance of the MACD line for two days. Consolidating above this line will allow the price to develop an offensive. The Marlin Oscillator is staying in the positive area, which supports the probability of a rising scenario at 55%. Consolidating under the 1.1570 support will open an alternative scenario with a fall to 1.1448 (March 2019 high).
The material has been provided by InstaForex Company - www.instaforex.com