Despite the pair's desperate attempt on Friday to break above the MACD line, the day closed with a black candlestick, confirming the consolidation that occurred the day before. Additionally, the oscillator line of the Marlin indicator on the daily timeframe has returned to the territory of a downtrend.
There are all the initial signs of a further price decline toward the lower boundary of the price channel, in the area of the 0.8592 mark. The duration of such a move could equal half the distance between Fibonacci time lines No. 9 and No. 10, which, accounting for the weekend, points to the beginning of November.
On the four-hour chart, the price has consolidated below the balance and MACD indicator lines. However, here the price is coiling around the MACD line like on an axis, which maintains a possibility of the price returning above the line. But with each passing day, this probability decreases, as the Marlin oscillator is falling within its own channel, and the MACD line itself is descending. A move below the signal level of 0.8663 will confirm the main bearish scenario.
The material has been provided by InstaForex Company - www.instaforex.com
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EUR/GBP
Despite the pair's desperate attempt on Friday to break above the MACD line, the day closed with a black candlestick, confirming the consolidation that occurred the day before. Additionally, the oscillator line of the Marlin indicator on the daily timeframe has returned to the territory of a downtrend.
There are all the initial signs of a further price decline toward the lower boundary of the price channel, in the area of the 0.8592 mark. The duration of such a move could equal half the distance between Fibonacci time lines No. 9 and No. 10, which, accounting for the weekend, points to the beginning of November.
On the four-hour chart, the price has consolidated below the balance and MACD indicator lines. However, here the price is coiling around the MACD line like on an axis, which maintains a possibility of the price returning above the line. But with each passing day, this probability decreases, as the Marlin oscillator is falling within its own channel, and the MACD line itself is descending. A move below the signal level of 0.8663 will confirm the main bearish scenario.
The material has been provided by InstaForex Company - www.instaforex.com