The situation when the last collection of stops, which was assumed in the last review, was observed. However, the price tested two ranges of the Fibonacci channel, standing at the level of 1.4884. The price is in ambiguous situation, we have to wait Tuesday when data on UK Trade Balance, Industrial Production, and GDP in February is published. Today relevant information is not published; we expect the price will be moving sideways.
From the technical point of view, on the daily chart double convergence with Marlin oscillator preserves and we expect the local swing of the price. If the price consolidates under the trendline on the daily chart 1.4976, which coincides with the resistance of the Fibonacci channel on the H4, a tendency to swing will strengthen. It will eventually be finished after the price leaves the Fibonacci channel (higher than 1.5080).
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