Last Friday, the euro could not consolidate below the support level of 1.0865, and the Marlin oscillator started to turn upward – our assumption regarding the euro’s sideways movement in the 1.0865-1.0924 range has been confirmed. As a result, we are now expecting the price to rise to the upper band of the range, possibly hit it to reach the resistance of the MACD line (1.0942).
Consolidation of the price below 1.0865 opens the next target at 1.0834, but the distance to it is only 31 points, and a correction may occur from the level, just like what happened on June 30 and July 6 (green arrows). Consolidation above the MACD line (1.0942) opens the target range of 1.1012/48. On the four-hour chart, the price is trying to break out above the MACD line and consolidate above it.
The Marlin oscillator is already in the positive area. The conditions for the correction are ready. If the correction is standard, then even with this option, the two final targets are: 1.1012 – Fibonacci level of 38.2%, 1.1062 – level 50.0%. Stock markets closed mixed on Friday. We might witness an upward correction there.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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