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Friday's candlestick for the EUR/USD pair closed bearish, with the price consolidating below the daily MACD line. The objective for today is to secure a close below the 1.1692 level. To achieve this, the daily candle must close below that level. The Marlin oscillator has not yet entered negative territory, but visually it is expected to do so tomorrow. Therefore, today is expected to be calm.
A firm break below 1.1692 opens the path toward the target at 1.1535. A correction is expected from that support level, followed by a move toward the second target at 1.1420.
If the price consolidates above Friday's high of 1.1714, it will also move back above the MACD line. This would briefly open an alternative scenario with growth toward the upper boundary of the price channel at 1.1832.
On the four-hour chart, Marlin is entering positive territory, but price action remains below the balance indicator line, which empirically suggests sellers still dominate. The pair will likely remain in a sideways trend today with downside pressure ahead of tomorrow's U.S. inflation data.
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