On Tuesday, the euro traded around 20 pips and settled below the target range of 1.0758/87. This can update the divergence, and its possible form is shown by the dotted line on the daily chart.
Federal Reserve Chairman Jerome Powell’s speech on Tuesday was neutral, and now investors are waiting for Thursday’s US inflation report.
On the four-hour chart, the price is also consolidating under the lower limit of the target range, and due to the local sideways movement, the signal line of the Marlin oscillator decreases. As a consequence, there is a prospect of divergence, in which the price may go above the upper limit of the target range (1.0787 – the high on May 30).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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