EUR/USD
The euro fell by 57 points yesterday, blocking the body of the daily candle growth on Tuesday. A few formal technical touches are missing to fully form a reversal condition. This is the transition of the signal line of the Marlin oscillator to the zone of negative values on the daily chart. The price needs to drop around ten points for this transition. The nearest target at 1.1195 will be open for all technical conditions. Furthermore, the bears will fight for the second goal of 1.1111.
The price returned below the MACD indicator line and consolidated below it on the H4 chart, as well as under the target level of 1.1265. Also, the signal line of the oscillator in the last day worked out almost the entire range of its own channel after a short-term false exit above its upper boundary. Now the oscillator needs to go below the lower boundary of the channel in order to finally form a falling market vector. Visually, this exit under the channel border will occur when the price overcomes the current low of 1.1246.
So, we are waiting for the price to fall to the targets 1.1195 and 1.1111.
The material has been provided by InstaForex Company - www.instaforex.com