The euro rose by 37 points on Monday, extending the lateral movement in time from the 7th. The Marlin Oscillator continued to form the pattern of the third decade of October (gray area). Then, after the sideways trend of the oscillator, the price fell, a similar outcome is likely in the current situation.
The four-hour chart shows a correctional price rebound from the support area on December 7 and 16, which was expected yesterday. The balance indicator line stopped the price’s growth, while the oscillator’s growth was stopped by its own zero line – the border with the bulls’ territory. Now we are waiting for a repeated attack on the support area on December 7 and 16 (1.1225/40), surpassing it and further decline to the first target level of 1.1170, then to 1.1050.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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