The euro has now reached Fibonacci time line No. 8 — and it has arrived with a pessimistic mood. Yesterday, the support level at 1.1632 was tested, and the Marlin oscillator returned to negative territory.
A price consolidation below 1.1632 will launch a move toward the first target at 1.1495. The next target at 1.1392 will then open, and even that will not mark the end of the decline. It seems the main movement will take place on Monday.
Under an alternative scenario, the price will attempt to rise above the MACD line (1.1770) to test the upper boundary of the price channel near 1.1865.
On the H4 chart, the Marlin oscillator has strengthened in its downward half, helping the price in its intention to consolidate below both the MACD line and the 1.1632 level. Once that happens, the 1.1495 target will become open.
