The euro once again tried to compete with the resistance of the Fibonacci level of 138.2% (1.0898) on Wednesday, the trading volume was high, it is very likely that investors again accumulated short positions. The signal line of the Marlin oscillator reached the boundary of the growth territory. The degree of probability of a reversal from this boundary will be considered on a smaller scale chart.
At H4, the oscillator signal line exited down from the wedge and returned to it. In general, this is still a signal for a price reversal. Confirmation of a reversal will be when the price leaves yesterday’s low of 1.0855. The immediate goal of the euro 1.0813 is to support the MACD line. Next, we expect the euro at a quote of 1.0745 – at the Fibonacci level of 200.0% (daily).
But the euro is still growing. The growth limit may be the Fibonacci level of 123.6% at the price of 1.0933.
The material has been provided by InstaForex Company – www.instaforex.com