The euro fell by 85 points on Tuesday and came close to the support of the MACD indicator line on the daily chart (1.1305). Crossing this support will mean opening the way to the target of 1.1170 and below (1.1050). The Marlin Oscillator has reached the zero line – the border with the territory of the downward trend, which, along with the proximity of the price to the MACD line, indicates a high probability of an upward reversal – to overcome the target level of 1.1415 and further advance to 1.1570.
Moreover, today the price may not choose a further direction, since after yesterday’s strong fall, there is a high probability of consolidation. The 1.1305 level is near the August 2018 low, that is, it is quite strong.
On the four-hour chart, the price is below both indicator lines, the Marlin Oscillator shows a weak desire to reverse. We are waiting for the formation of consolidation before the support of 1.1305 and the subsequent choice by the European currency of the further medium-term direction.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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