On Tuesday, European Central Bank President Christine Lagarde, at a conference in Portugal, stated with full confidence that the peak rates have been reached, which briefly stimulated the euro’s growth. Chinese banks were selling the dollar yesterday, indirectly supporting the euro. The pair rose by 54 points and reached the intermediate level of 1.0971 on the way to 1.1000.
The Marlin oscillator is currently turning downwards, and if the euro does not receive any more external support, the correction may end. Today, Federal Reserve Chair Jerome Powell is also speaking at the same conference in Portugal, and he could say something in favor of the dollar.
If not, the price will continue to rise towards the corrective target at 1.1000. If the price surpasses this level, it will continue to rise towards targets at 1.1028 and 1.1085.
On the 4-hour chart, the price is entangled in indicator lines and has not yet fully figured out its relationship with the 1.0971 level. The Marlin oscillator only moved into positive territory yesterday, feeling fresh and ready to assist in further price growth. Falling below the target range of 1.0910/30 will restore the decline in the medium term, which started on June 22. The target is 1.0804.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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