On Friday, the euro closed the day with a decline of 24 points, overcoming a number of technical support, which strengthened the bearish sentiment of the market. On the daily chart, the price at the top of the Friday candlestick reversed from the balance indicator line (red), at the bottom it did not reach the target Fibonacci level of 138.2% (1.0987). The signal line of the Marlin oscillator is balancing on the border with the territory of the "bears".
On the four-hour chart, the price was consolidated with the indicator lines of the balance and MACD, Marlin in the declining trend zone. Now we expect the euro to consolidate below the target level of 1.0987 and further decline to the support level of 1.0926 on September 3 and 12.
The upper target of 1.1115 - the resistance of the MACD line on the daily scale chart can be reached after a preliminary price exit above the Fibonacci level of 123.6% (1.1072).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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