The euro rose 29 pips yesterday. It takes 70 pips more to reach the target level of 1.0990. Apparently, the price will have time to cover that distance before next week’s Federal Reserve meeting.
The following optimistic events can lift the euro to the target level of 1.1200, but if the Fed is not optimistic, we expect the traditional price reversal according to the technical picture, i.e. the divergence, which is brewing on the daily chart. And so far this is our main scenario.
On the weekly chart, the price reached the Fibonacci level of 138.2%. This is a strong level from which the price reversed in September 2019, in March 2017, in June 2016 and earlier.
On the four-hour chart, yesterday’s pattern was repeated – the price reversed up from the MACD indicator line. The Marlin oscillator is slowly rising. I expect the euro to gradually climb to the target level of 1.0990.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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