Despite significant movements across the market, European currencies closed on Tuesday with minimal changes: the euro lost 20 pips, while the pound gained 22 pips. Meanwhile, the S&P 500 rose by 1.83%, oil increased by 3.06%, and gold gained 1.50%. The stock and commodity markets were driven by high profit reports from major banks.
On the daily chart, the upward movement stopped at the 1.0350 resistance level. The signal line of the Marlin oscillator continues to develop within a triangle formation. The prevailing scenario suggests a likelihood of the price breaking below the 1.0211 signal level and aiming for support at 1.0135. On the H4 chart, after testing the resistance at 1.0350 and support at 1.0265 (the MACD line), the price returned to its position from Tuesday morning.
The Marlin oscillator remains at a similar level. Since the price has settled below the balance line (red moving average), we expect it to consolidate below the MACD line and test the signal level at 1.0211. If the price consolidates above 1.0350, a move toward 1.0461 becomes likely, representing an alternative scenario.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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