On Friday, the euro added another 30 points to the growth of the past week, stopping at the resistance of the MACD line of the daily scale. The peak of the day did not hit the Fibonacci level of 123.6%, but this is not a prerequisite for a potential reversal – the resistance range of the second half of September has been reached. In an alternative scenario, a price exit above 123.6% (1.1074) will extend growth to the price channel line to the price of 1.1126. Further, growth to the Fibonacci level of 100.0% is possible – to the resistance of the first half of August.
On the four-hour chart, the expected divergence on the Marlin oscillator has almost formed. Departure of the price under the local support range of 1.0985-1.1000 will launch a new wave of decline with the immediate target of 1.0926, which acts as a signal level to decrease to 1.0845 – the Fibonacci level of 161.8%.
Origin: InstaForex
