The upper shadow of yesterday’s daily candle reached the control level of 1.2666, but failed to surpass it, so the main bearish scenario persists.
Right now the price is below the balance indicator line and it aims to overcome the support of the target level at 1.2596. Consolidation below this level will pave the way for the pair to fall to 1.2500. The Marlin oscillator is descending in the negative territory, which confirms the downward direction that the trend is following.
On the 4-hour chart, the Marlin oscillator has returned to the downtrend territory, which shows that the previous upward movement was a false move. We are waiting for the price to consolidate below the support at 1.2596.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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