EUR / USD pair
On Tuesday, the euro gained just over 30 points, almost reaching the target level of 61.8% Fibonacci retracement on the H4 chart. The closing of the day and the opening of today's session took place below the daily balance line. On the four-hour chart, a price divergence began to form with the Marlin oscillator, which may indicate the end of the upward correction. Leaving prices below the MACD line of the daily chart (1.1358) will be an early signal for a trend reversal. Reducing the price under the MACD line of 1.1325 on the four-hour chart will finally form the potential for a medium-term decline.
Hence, the euro reversal becomes the main scenario in our forecast but the probability of a fixation above 1.1407 is still quite high since the signal line of the Marlin oscillator is in the growth zone on graphs of both timeframes.
The material has been provided by InstaForex Company - www.instaforex.com