Yesterday the euro was trading in the 1.2132/77 range until late evening, forming a consolidation. In the last hours of trading, the euro came out of consolidation to the upside. Deciding to win back a full correction after the previous three-day fall. The correction was exactly 38.2% til this morning. In the near future, we are waiting for the quote to fall to the MACD line at around 1.2045.
The four-hour chart shows that the signal line of the Marlin oscillator has entered the zone of positive values. This is probably a sign of a succeeding correction to the MACD line in the 1.2245 area. In this case, the correction from the previous fall will be 50.0%. We are waiting for the price reversal and the subsequent development of the designated target at 1.2045.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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