Yesterday, the euro continued its inertial decline and almost reached the target level of 1.1705. Consolidating below the level may extend the decline to the second target at 1.1640, but the price has little chance of that, as the reversal signals are getting stronger. The Marlin Oscillator is planning an upward reversal on the daily scale in order to leave the downward trend.
The convergence of the price and the oscillator is forming on the four-hour chart:
But it won't be soon before the fixed reversal signal - the price has moved away from the MACD line and the reverse transition above it will take place no earlier than two days. At the moment it is 1.1775. Until this moment, the price can swing freely in the shaded area.