EUR/USD
On Friday, the euro fell to the first target of 1.0980, having worked the Fibonacci level of 138.2%. The Marlin Oscillator on the daily falls in the negative trend zone.
On the four-hour chart, the signal line of the oscillator is slightly bent up, which is quite consistent with our expectation of a small correction from the first target level. Correction is possible to an August 1 low at a price of 1.1027.
It is a national holiday today in the US, which also contributes to a respite from the market before a further decline. The next target 1.0840 is the area close to the Fibonacci level of 161.8% with the the price channel line on the daily chart.
