On Friday, the euro failed to sustain its upward movement, but it also didn’t fall below the daily-scale MACD indicator line—the day closed with a black candlestick, but still above the upper boundary of the 1.1110/50 range.
Monday began with a slight upward move and a small gap—again, around the MACD line. After the gap quickly closes, the price will most likely head upward toward the target level at 1.1266. After three days of consolidation, the Marlin oscillator’s signal line has turned upward.
On the H4 chart, the price on Friday was also supported by the MACD line, but the Marlin oscillator broke downward out of its wedge pattern, transforming the structure into a flag, which is also considered a continuation pattern. Thus, under the main scenario, we expect a bullish reversal and an attempt to consolidate above the 1.1266 level to pave the way for further growth toward 1.1420.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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