As we expected yesterday, the euro fell down. The movement was 62 points at the moment. The price reversal occurred when the signal line of the marlin oscillator touched the neutral line on the daily scale, from the boundary that separates the growth zone from the decline zone. At the same time on the four-hour chart, the marlin signal line turned down exactly from the trend line.
Now the marlin with the price of H4 can form a convergence - a correctional-reversal formation. We do not expect a reversal, but upon reaching the target level of 1.1155, a correction of 30-50 points is possible, that is, in the area of the lows of April 2 and 4.
However, in case the price leaves the target level in the absence of convergence, the decline may continue to the next target level of 1.1075 - the Fibonacci line of 123.6%.
The material has been provided by InstaForex Company - www.instaforex.com