After a two-time unsuccessful attempt to rise above the target level of 1.3606 in the last two sessions, the price turned down with a simultaneous return to the negative area of the Marlin Oscillator, which in turn makes the same pattern from February 3 again (arrows on the oscillator chart).
A repeated signal on this graphic cluster “bear ears” (formation of the second ear) means the development of a downward movement in the short and medium term. The first target of the movement is the peak level on November 18 at the price of 1.3513. Below it lies the MACD line in the area of 1.3474. Consolidating below it opens the target of 1.3312.
At the moment, the price continues to struggle with the level of 1.3606. The exit above the Friday high (1.3642) will extend the growth to the target level of 1.3730, but the level may not be reached, otherwise medium-term growth will begin to develop, and this is an alternative scenario.
On the four-hour scale chart, the price is in a growing position according to all indicators, but the price may be preparing a second attack on the support of the MACD line (1.3578), the first attack was on Friday. Success will unlock the bears’ potential.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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