The counter-dollar bulls are not giving up. Yesterday, the euro rose by 42 pips while stock indexes closed mixed, breaking above the resistance level of 1.0724. This has created a corrective range at 1.0680-1.0755. The upper boundary of this range is marked by the daily MACD line, the June 18 peak (1.0761).
If the price can break above the MACD line, the corrective move will extend to the target level of 1.0788 (May 30 low). However, in general, the situation remains bearish since the Marlin oscillator has not left the negative territory. If the price consolidates below the 1.0724 level, the pair will resume the decline to the target range of 1.0636/50.
On the 4-hour chart, the situation is already bullish; the price consolidated above the MACD line and the 1.0724 level, while the Marlin oscillator settled in the positive territory. The euro has the potential to rise to 1.0755, but beyond that, the situation will develop in a more complex manner, taking into account adjacent markets.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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