In yesterday’s testimony before the lower house of Congress, Federal Reserve Chairman Jerome Powell reiterated that the US central bank will still raise interest rates (at least once) as inflation remains high. However, since the Fed chair did not provide any new information beyond what was already known from recent speeches, the markets perceived his remarks as insufficiently decisive. As a result, the euro gained 68 pips.
The euro surpassed the upper signal level of 1.0971 and is now approaching the upper band of the price channel (1.1010). A breakout from the channel will open up the first target of 1.1028, followed by a potential continuation of the growth towards 1.1085. On the four-hour chart, the price sharply surged after touching the balance indicator line. The signal line of the Marlin oscillator has returned to the positive territory.
Previously, we mentioned that a direct and rapid decline of Marlin carries the risk of an upward movement, and it has now happened – the price has chosen a short-term alternative scenario. The euro will return to the normal scenario if the price returns to the range of 1.0910/30, which is more challenging than continuing the growth. At least, the price has a desire to test the level of 1.1028 for strength.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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