As part of its correction, the euro rose by 63 pips yesterday. However, the upward momentum is weakening, as indicated by the Marlin oscillator, the signal line of which shows an intention to turn downward while forming a wedge pattern.
If this wedge pattern materializes, it suggests that the price may settle in the range of 1.0211 to 1.0350, with the potential for a downward breakout. The first target for this primary scenario is the 1.0135 level.
On the four-hour chart, the price's rise has paused at the balance line, while the Marlin oscillator remains in the positive (upward) zone. This maintains the possibility of reaching the 1.0350 level.
A shift in price toward the lower half of the 1.0211 to 1.0350 range will be signaled if the price breaks below the MACD line at 1.0265. However, if triangular consolidation develops, the MACD line may act as a neutral line around which the price oscillates.
The material has been provided by InstaForex Company - www.instaforex.com
If this wedge pattern materializes, it suggests that the price may settle in the range of 1.0211 to 1.0350, with the potential for a downward breakout. The first target for this primary scenario is the 1.0135 level.
On the four-hour chart, the price's rise has paused at the balance line, while the Marlin oscillator remains in the positive (upward) zone. This maintains the possibility of reaching the 1.0350 level.
A shift in price toward the lower half of the 1.0211 to 1.0350 range will be signaled if the price breaks below the MACD line at 1.0265. However, if triangular consolidation develops, the MACD line may act as a neutral line around which the price oscillates.
The material has been provided by InstaForex Company - www.instaforex.com
