Yesterday’s decline was supported by the 1.2271/1.2287 range and the balance indicator line on the daily chart. This morning, the price is staying within this range, and if it settles below it, the target will be 1.2130, which is the nearest line in the price channel.
If the price manages to settle above the MACD line (the first attempt on November 6 was unsuccessful) and rises above 1.2323, it will try to reach the target level at 1.2447. On the 4-hour chart, the signal line of the Marlin oscillator is currently in negative territory. However, since there are initial signs of price consolidation below the zero line, there is a possibility that the oscillator may return to the positive territory.
If the price can break below the support range, a potential reversal could occur at the MACD line (1.2218). Simultaneously, in order to maintain the bullish potential, the price should not drop below the candle from November 3.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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