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Today, the euro begins trading within the range established on January 15, where it remained throughout last week. Market attention is heavily focused on the inauguration of Donald Trump. If political and economic developments unfold as Trump has indicated, we can anticipate a strengthening of the dollar and a weakening of stock indices.
The euro appears to be set for a decline. On the daily chart, the Marlin oscillator has formed a triangle within a descending trend zone, which increases the likelihood of both the indicator and the price moving downward. A definitive signal for a price breakout to the downside would occur if the price breaches the 1.0211 level, which coincides with the oscillator's signal line breaking below the lower boundary of the triangle. The target for this move is 1.0135.
On the four-hour chart, the price has significantly reinforced the support of the MACD line, meaning that a breakdown of this support could trigger an impulsive decline. The Marlin oscillator is currently at the neutral zero line, suggesting potential synchronized movement. A firm break below 1.0265 would enable the price to effectively challenge the 1.0211 signal level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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