On Friday, the euro completed the intended task of developing support for the price channel. The target for the Fibonacci level 138.2% at the price of 1.0986 is open. We believe that with the achievement of the goal, the euro will not weaken the desire for a further decline and will fulfill the second goal of 1.0925 – the lows of September 9 and 12 of last year.
On the four-hour chart, the Marlin oscillator slowed down, forming weak convergence. This is probably a signal that market activity will appear only in the evening, when data on sales of new homes in the US for December will be published. The forecast is good – 730 thousand against 719 thousand in November.
The material has been provided by InstaForex Company – www.instaforex.com