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Yesterday, the euro did not slow down before the lower border of the price channel and crossed it. Now we are waiting for the euro to settle at the first target level of 1.1855 - this is the area of the June 2018 high. But first, let's look at the weekly chart:
For the weekly chart, the price went below the MACD line, which in itself is a sign of an upcoming mid-term decline. The Marlin oscillator has turned down and is definitely declining in its own downward channel. A measured movement to the lower border of this channel makes 1.1465 as the target. This level in history occurs more than once, in particular, in May 2015. Here we are waiting for the completion of the first descending branch of the mid-term decline.
The price has practically settled under the lower border of the price channel on the daily chart and now it loses its value, the channel is canceled. We are waiting for the correction from the 1.1855 level.
The price is in a downward trend on the four-hour timeline, but the Marlin oscillator has sharply turned up. Perhaps the price will fall into the horizon without reaching 1.1855, especially since today is Friday. In any case, after the price settles below the specified level (already next week), we expect the price to decline further to the second target of 1.1705 (March 2021 low).
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