On Friday last week, the euro fell by 41 points, reaching the first target at the Fibonacci level of 123.6% at a price of 1.1074 and slightly corrected upwards.
On the daily chart, the signal line of the Marlin oscillator slightly bent up, which may indicate a suspension of the decline, a short respite from the market. After the price drops below the level of 1.1074, it is possible to resume the decline with the target of 1.0980 – the area of the Fibonacci level of 138.2%.
On the four-hour chart on the Marlin oscillator, a small convergence formed, which confirms the potential for consolidation or a slight upward movement. The eurozone balance of payments for June will be published today, the forecast for it is 32.2 billion euros compared to 29.7 billion in May, there will be no publications in the US today, investors can win back the European advantage.
Origin: InstaForex
