On the weekly chart, the price has reversed from the upper boundary of the price channel. Multiple divergences have formed between the price and the Marlin oscillator. The Marlin signal line itself is moving within its own descending channel.
The Marlin oscillator is approaching the boundary of the bearish zone. If it manages to consolidate below this level (previous attempts have been unsuccessful), it could provide strong support to the price, helping to realize its bearish intent.
On the 4-hour chart, the price reversed downward from the Fibonacci 123.6% level and the balance line resistance. At this point, the price has consolidated below these lines. Marlin has turned downward and is located in negative territory. The MACD line is also turning downward. The next target is 1.6228.
There remains an unclosed Monday gap. However, in this pair, price gaps can take up to a year to close.
