On Monday, the euro made the right move by expressing its desire to resume an uptrend after falling on October 12-13. It closed the day above the 1.0552 resistance level, and today, it opened above this mark as well. The Marlin oscillator climbed above the zero line, revealing that the preceding decline was a false move.
Now, the price has set its sights on the 1.0613 target. This level is crucial because a break above it would mean surpassing the Fibonacci retracement arc, which could trigger medium-term growth. But first the price needs to overcome the 1.0687 level and then the MACD indicator line.
On the 4-hour chart, the price has consolidated above the MACD line, but the Marlin oscillator remains in the bearish territory. This situation allows the price to consolidate above the 1.0552 support level before continuing its upward movement. The euro is also benefiting from the stock market’s performance, as the S&P 500 rose by 1.06% yesterday.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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