Markets approached the New Year holidays in a depleted state. The volume of trading in the euro in the last week has been decreasing every day, yesterday the volumes were the smallest this month. Obviously, the euro’s growth against the news has stopped and now purely technical factors come into play.
On the daily chart, the signal line of the Marlin Oscillator is turning downward with the intention of returning back to the consolidation range marked with the gray area. The attack on the MACD line (1.1363) did not take place, the price reversal from the current levels is possible. If the decline turns out to be deep enough (clarification on a lower timeframe), the market’s interest may return to the previous bearish target of 1.1170.
On the four-hour scale chart, the price is above the MACD line, the Marlin Oscillator is in the positive area – the current moment is inclined to develop growth. But as soon as the price goes under the MACD line, the distance to which is only a few points, the situation will change to the opposite. As a stable bearish signal, let us accept the price drift below yesterday’s low of 1.1290.
By this time, Marlin has already consolidated in the area of the downward trend. Today is a day off in the US, Germany, Switzerland, and a shorter working day in the UK and France. And since the main movements of the last days took place during the US session, the balance of power is unlikely to change today and for just a day. The 27th (Monday) is a day off for the UK. And that’s when we can expect surprises.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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