In the past 24 hours since the uneventful Federal Reserve meeting, the markets have shed their anxiety and resumed the broader risk-on trend. Even government bond yields are easing off inversions. The euro gained 16 pips yesterday.
On the daily chart, the euro closed below the MACD line on a thin market on Thursday, but today, it surged upward, clearly aiming to break through the target level at 1.1535. Accordingly, yesterday’s signal turned out to be false, which adds confidence to the bulls. The Marlin oscillator has confidently reversed to the upside.
Growth targets: 1.1692 1.1818 (price channel line)
The price has formed a flag on the four-hour chart — a classic trend continuation pattern. The recent breakout above the MACD line is the first sign confirming this flag pattern. The next step is for the Marlin oscillator to move into positive territory. A break above 1.1535 would confirm these bullish indications.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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