On Friday, the euro consolidated above the 1.1692 level. The Marlin oscillator is moving sideways, but the upward potential has not been exhausted, and the price continues to rise toward the target at 1.1822, which is the upper boundary of the price channel.
This morning, strong business activity data from China for June was released — the composite PMI improved from 50.4 to 50.7. As a result, Asian stock indices moved higher, setting a positive tone for the day and boosting anti-dollar currencies. On the four-hour chart, the price on Friday once again tested the 1.1692 support level with its lower shadow before outlining an upward movement.
The Marlin oscillator, however, is not currently aligned with this bullish sentiment, though it may turn upward from the lower boundary of its ascending channel.
A consolidation of the price below the 1.1692 level could extend the downward correction toward the MACD line at 1.1626.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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