Despite the price settling below the 0.6482 level, it is turning upward under pressure from a convergence with the Marlin oscillator. If the price consolidates above 0.6482, the target level of 0.6570 may not be reached, as the 0.6482–0.6570 range has frequently been a zone of consolidation over the past two years, containing numerous other levels within it.
Once the correction is complete, we expect the price to reverse downward toward 0.6410, with a potential attempt to test 0.6351.
On the four-hour chart, the Marlin oscillator's signal line has surged ahead of the price, breaking out of its range and approaching positive territory.
With such rapid growth, Marlin may quickly lose momentum and reverse downward. The nearest strong resistance level is 0.6515, corresponding to the November 6 low. The MACD line has shifted below 0.6570, providing an additional barrier to the price's upward movement.
The material has been provided by InstaForex Company - www.instaforex.com #
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