On Monday, in a calm market, the euro slightly corrected after the previous decline from the August 26 peak. The corrective reversal marked the first embedded line of the descending price channel from May 2021.
A break below yesterday's low (1.1042) will also correspond to the breakthrough of the first linear support of this green-colored channel. This would open the prospect of reaching the next embedded line near the support at 1.0905. The price may linger there to consolidate below the MACD line. The initial target is the 1.1010 level—the peaks from August 5 and December 14, 2023.
The Marlin oscillator has lingered on the border with the downward trend. The move below 1.1042 may happen tomorrow.
On the 4-hour chart, the price is consolidating below the 1.1085 level. The Marlin oscillator is approaching the zero line, dampening the correction's upward vector. We also expect a quiet day today.
