On Friday, the euro failed to break above the 1.1186 resistance. However, the candlestick body lows are getting higher and higher each day. This means that the price could consolidate above this resistance as early as tomorrow. The 1.1276 target will then become open.
The 1.1076 support is gaining strength from the MACD line. The bears currently have little chance of breaking through it. The signal line of the Marlin oscillator is developing in a sideways range with the axis along the zero line. A breakout of the signal line upwards will strengthen the upward momentum. The second target is 1.1335.
The price bounced up from the MACD line on the four-hour chart, followed by an impulsive breakout above the resistance level. However, there wasn’t enough strength to consolidate above the level. Now, the pair is accumulating strength for a repeated impulse – consolidation is happening right below the level, above both indicator lines, and the Marlin oscillator is in positive territory.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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