Technical convergence, which is forming on the daily scale chart, begins to strengthen and develop – yesterday the euro grew by 60 points, breaking the signal level of 1.1027 – August 1 low, which opens the first bullish target at 1.1073 – Fibonacci level of 123.6%.
Consolidation above the level opens the target of 1.1160, formed by the coincidence of the Fibonacci level of 110.0%, the line of the price channel and the indicator line of MACD.
On a four-hour chart, the price has consolidated above the MACD line, the price fall under it, below 1.1018 is possible, as the signal line of the Marlin oscillator starts to move down. But if the market wants to grow, the possible decline will not be deep.
So, we are waiting for the price of 1.1073.
Origin: InstaForex
