Yesterday, the euro rose by 47 pips while risk assets were up across the market: stocks, commodities, and bonds. The single currency surpassed the signal level of 1.0696, and the Marlin oscillator broke through the linear resistance, as it continued to rise towards the boundary of the bullish territory.
The euro likely aims to consolidate above 1.0724 in order to reach the target level of 1.0796. Here, the price may also encounter the MACD indicator line and reverse downwards. If the price manages to settle above the level of 1.0796 and the MACD line, then the euro will rise to 1.0905. This is an alternative scenario.
On the 4-hour chart, the price has already settled above the intermediate level of 1.0696. The Marlin oscillator continues to move sideways within a narrow range, and this is the only sign that suggests that the price may not consolidate above 1.0724, ending the corrective rise. However, overall, the upward trend is strong, and most likely, the price will test the intermediate level of 1.0757.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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