On Friday, the euro tested the upper boundary of the price channel. If the price aims to test this line again, the resistance will be slightly lower at 1.0880. If the price surpasses this resistance, the next target will be 1.0905.
Here, a divergence with the Marlin oscillator might form. The price may achieve this before the European Central Bank meeting on Thursday. However, the euro might abandon its final attempt at growth if the US ISM Manufacturing PMI for May, to be published this evening, meets or exceeds the forecast of 49.8, compared to April’s 49.2.
On the 4-hour chart, the price sharply climbed above the Kijun-Sen line on Friday and then quickly returned below it, confirming the move. However, the price did not break the support of the balance line, and the Marlin oscillator remains in the bullish territory. Therefore, in order to show that it refuses to resume the upward movement, the price needs to fall below the balance line, under the 1.0840 mark. Consolidation above 1.0858 (the Kijun-Sen line) would provide a reason to advance towards 1.0880.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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