The euro eagerly awaited the FOMC meeting and it passed in moderately positive tones. Committee members maintained their forecast for three rate cuts for the current year and positively assessed economic growth. Risk appetite increased, with the S&P 500 gaining 0.89%, setting a new record, while the dollar index lost 0.42%.
The euro maintained its bullish scenario without any false moves, meaning the price did not drop below the balance indicator line, and the Marlin oscillator turned upwards without leaving the positive territory. The quote rose above the MACD indicator line and above the target level of 1.0905.
Now, the price will attempt to reach the target range of 1.1001/10. We need to be attentive here – it’s highly possible that a divergence will form between the price and Marlin, leading to a reversal from the target range into a medium-term decline. Since investors didn’t receive impetus from the Federal Reserve, they immediately shifted their focus on the European Central Bank, with speeches from ECB representatives scheduled to begin tomorrow. Today, the Bank of Japan and the Bank of England meetings will be held.
On the 4-hour chart, the price has settled above the MACD indicator line, and the Marlin oscillator has shown almost vertical growth. However, this is also the trend’s weakness – the oscillator may enter a sideways movement or turn into a correction, slowing down the currency’s growth. But for now, we’re seeing upward movement, as we wait for the price within the designated range.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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