Yesterday, the US dollar attempted to push the euro below key technical support levels marked by the daily Balance and MACD indicator lines, but the euro withstood the pressure and closed the day above the 1.1420 resistance level.
Today opened above this level, and the indicator lines, marking a critical moment: it’s the last day the single currency can potentially develop an upward move, as the price is now at the apex of a triangle formed by the target level and the MACD line. If today’s candlestick turns out to be bearish (a “black” day), the 1.1266 target will come into play. However, the main scenario remains bullish, targeting 1.1536, and a solid consolidation above this level would allow a continuation of growth toward 1.1632.
On the four-hour chart, the price is in a weak technical position due to trading below the MACD line, but it is holding above 1.1420, providing some groundwork for an attack on the MACD line at 1.1470. The Marlin oscillator is consolidating along the zero line, offering no real support to the price at the moment. However, the short-term trend remains upward, and a breakout to the upside—both for the price and the oscillator—is more likely than a decline.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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