On Friday, the euro managed to consolidate above the MACD indicator line. The Marlin oscillator is rising in positive territory. The nearest resistance at 1.1750, marked by the MACD line, is likely to be reached. Beyond that, the circumstances of this “free roaming” phase could either take the price toward the upper boundary of the price channel at 1.1878, or return it below the 1.1632 support.
Assuming that last month’s “shocking” Nonfarm Payrolls were close to the real figure, the lack of change in total US unemployment in August suggests similar data for this period—73,000, which matches the consensus forecast. Overall, this means the euro is likely to trend upward this week.
On the four-hour chart, the price has settled above the MACD line. Since the 27th, the Marlin oscillator has been reacting more strongly to downward price moves, so another false breakout below the MACD line could still happen. All in all, this remains a period of “free roaming.”
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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