Last Friday, the euro gained 34 pips, hitting the target level of 1.0946. The growth was so decisive that the signal line of the Marlin oscillator returned from below the channel’s lower line and ultimately showed a reversal from it.
The initial hours of today’s Asian session became a corrective scenario for the euro – the price tested the support of the price channel line, and Marlin once again went below the channel’s lower band. Now, in order for it to return to the channel, the day must close above the level of 1.0946. The euro will aim for 1.1033 (February’s high) once it surpasses that mark. If it exceeds the level, we expect the price to reach the second target of 1.1096, near the upper band of the price channel.
From this area, we expect a correction as the Marlin oscillator is likely to be in the overbought territory. If the day closes with a black candle, Marlin will confirm the exit from the channel, and the price will attempt to break the support at 1.0905. Consolidation below this level will open the target of 1.0834.
On the 4-hour chart, the price is rising above the indicator lines, and the Marlin oscillator is strengthening its growth in the bullish territory. At the moment, we are observing a good potential for growth. In order to strengthen this progress, the price must rise above 1.0946.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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