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On Monday, the euro declined by 14 pips. An attempt to reverse upward was made. A repeat attempt is possible today and may be more successful, although the support level at 1.0762 remains untested.
Of course, a price reversal doesn't necessarily have to occur precisely at existing support, but its proximity introduces uncertainty. At the same time, the Marlin oscillator shows an intention to reverse upward without touching the zero line. As a result, the euro might start a new bullish wave today without testing the current support levels, or it may happen tomorrow or the day after, following a slight drop to those supports.
On the H4 chart, the Marlin oscillator consolidates below the neutral zero line. This consolidation creates conditions for a further price decline toward the 1.0762 support. If Marlin moves into positive territory, the likelihood of an upward breakout will increase significantly. The key reference for this is yesterday's high at 1.0859. We are waiting for the euro's downward correction to end and for the upward movement to resume.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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