For the eighth consecutive session, the euro has struggled unsuccessfully with the resistance level at 1.1186. Even the daily Marlin oscillator is moving sideways along the neutral zero line.
The euro is in an equilibrium state and could move downward below the MACD line or upward to the target level of 1.1335. However, the primary movement is considered upward since market risks continue to rise. Also, the Marlin oscillator is currently in the positive area. Consolidating above 1.1186 opens the first target at 1.1276, and further growth to 1.1335 is likely.
Yesterday evening, on the four-hour chart, the price settled above the balance indicator line, and the Marlin oscillator entered the growth zone. It’s possible that today, the price will consolidate above the resistance level of 1.1186, and this consolidation may be more stable than its first attempt on the 25th. A move below the MACD line (1.1136) could catalyze further bearish momentum toward the 1.1076 level, which the MACD line is approaching on the daily time frame.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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