Yesterday, the euro stalled at the signal-intermediate level of 1.0696 (February 14 low) and even closed above it with a daily candle. The Marlin oscillator’s signal line crossed above the linear resistance and consolidated. Now, there are two important target levels: 1.0724 and 1.0757.
From a technical standpoint, the level of 1.0757 is intermediate before an attack on a more significant level at 1.0796, but the market may end the correction and turn around from any strong level. Moreover, upon reaching the level of 1.0757, the Marlin oscillator may reach the boundary of the positive territory and turn downwards from it.
On the 4-hour chart, the Marlin oscillator is causing concern – it continues to move sideways regardless of the price movements. Marlin going into negative territory could bring the price back into the range of 1.0636/56. If the price continues to rise at an accelerated pace, Marlin will exit the range and move upwards, and the price may reach the level of 1.0796.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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