Yesterday, the euro reached and tested the target support level at 1.1605 before reversing upward, likely with the intention of closing Monday's price gap. The immediate growth target is the signal-interim level at 1.1779. A breakout above this level would open the path toward the upper boundary of the price channel near the 1.1910 mark.
The signal line of the Marlin oscillator has formed its own upward channel, and the current reversal is occurring from its lower boundary — a technical confirmation of bullish momentum building.
The first growth target is the MACD line at 1.1687, followed by 1.1779.
On the four-hour chart, the resistance from the MACD line coincides with the same level on the daily chart. This overlapping resistance strengthens its significance, so a successful breakout through it could enhance (or accelerate) the bullish move.
By that point, the Marlin oscillator (on H4) is expected to move into positive territory, thereby aligning with and supporting this upward momentum.
An alternative scenario in this context would involve the euro falling below the 1.1605 level and consolidating beneath it, which would open the door for a decline toward the next target at 1.1495.
The material has been provided by InstaForex Company - www.instaforex.com
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EUR/USD
Yesterday, the euro reached and tested the target support level at 1.1605 before reversing upward, likely with the intention of closing Monday's price gap. The immediate growth target is the signal-interim level at 1.1779. A breakout above this level would open the path toward the upper boundary of the price channel near the 1.1910 mark.
The signal line of the Marlin oscillator has formed its own upward channel, and the current reversal is occurring from its lower boundary — a technical confirmation of bullish momentum building.
The first growth target is the MACD line at 1.1687, followed by 1.1779.
On the four-hour chart, the resistance from the MACD line coincides with the same level on the daily chart. This overlapping resistance strengthens its significance, so a successful breakout through it could enhance (or accelerate) the bullish move.
By that point, the Marlin oscillator (on H4) is expected to move into positive territory, thereby aligning with and supporting this upward momentum.
An alternative scenario in this context would involve the euro falling below the 1.1605 level and consolidating beneath it, which would open the door for a decline toward the next target at 1.1495.
The material has been provided by InstaForex Company - www.instaforex.com