As a result of the euro’s rise on Friday, the price was above the resistance level of 1.1010 but still below the key resistance of 1.1043. Consolidation above 1.1043 would open up a target of 1.1085 and potentially a medium-term outlook. Also, the Marlin oscillator did not go above the upper boundary of its descending channel.
These two circumstances maintain the possibility of a price reversal toward the support level of 1.0964, with the potential for further decline to 1.0905. A drop below the level of 1.1010 would signal a decline.
The price rose steadily above the indicator lines in the four-hour chart, overcoming the level of 1.1010 this morning. To extend optimism towards 1.1085, the price needs to consolidate above 1.1043. The Marlin oscillator supports the price by rising within positive values. The probability of reaching the target level of 1.1085 is 75%.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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