The euro traded in a range of more than 80 points on Monday, closing the day with a 13-point decline, below the target level of 1.2117. The Marlin oscillator is turning down on the daily chart. The first downward target for the euro is the price channel line at 1.2036, getting the pair to settle below this level opens the way to the MACD line near 1.1935.
The price settled below the 1.2117 level on the four-hour chart. Yesterday’s upward surge in price stopped at a time when the signal line of the Marlin oscillator reversed from the zero line downward (arrow). The MACD line (1.2072) will be an obstacle to reaching 1.2036. Being able to settle below it will be a sign that the price has successfully broken through the price channel line.
The material has been provided by InstaForex Company – www.instaforex.com
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