Yesterday, the euro dropped 48 points and returned to the consolidation range of 1.2132/77. Leaving the range for growth can be mistaken for a false movement when the price falls below the lower border of the range, and this will boost traders' confidence for an attack not only on the nearest target of 1.2050 along the MACD line on the daily chart, but also below, to the target level of 1.1920 ( high on November 9 and September 10).
The four-hour chart shows that the Marlin oscillator operates on the zero neutral line, which to some extent weakens its leading role as a leading indicator. But on the other hand, if the price falls, the oscillator will have enough margin for a downward movement. We are waiting for the development of the situation. Before the price falls below 1.2132, the price may once again try to test the MACD line at 1.2225.