After Friday’s price consolidation below the 1.0882 level, the euro is attempting to rise above this level once again. The expectation is that it will fluctuate within the range of 1.0882 to 1.0949 until the Fed announces its monetary policy. This movement may indicate an intention to continue rising towards the target of 1.1027.
This image is no longer relevant If the euro closes below 1.0882 today, there could be increased volatility on Wednesday, potentially pushing down to the support level at 1.0762 before rebounding with the aim of reaching the target of 1.1027. The Marlin oscillator has declined from the lower boundary of the overbought zone, suggesting that there is potential for upward momentum to build.
On the four-hour chart, the price is rising above the MACD line, which was tested from above on Friday. This reduces the likelihood of breaking through this line in a stable market at 1.0860. It appears the price will continue to consolidate with upward pressure. However, if it consolidates below the MACD line at 1.0860, the likelihood of a wider price range movement on Wednesday will increase.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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