The euro managed to expand its consolidation range (ahead of the Federal Reserve meeting) up to the daily MACD line. The 1.1692 level, relevant yesterday, is now void. If today’s session closes above yesterday’s high at 1.1761, the price may attempt to retest the upper boundary of the price channel at 1.1834 once again.
There is also a slight breakout of the Marlin oscillator’s signal line above the zero line. On the one hand, this suggests continued growth; on the other hand, it bears signs of a false signal, which could result in a reversal and a price decline.
On the four-hour chart, the price’s consolidation above the MACD line led to an impulsive rise—represented by only a single candle. However, this morning, the price is rapidly losing ground. If it consolidates below the MACD line, under the 1.1675 level, the price could turn downward toward the target support at 1.1535. We await further developments.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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