Yesterday the euro crossed the area above the nearest bullish target level of 1.1415, showing a total rise of 75 points. The growth, however, did not occur at very high volumes, although at above average.
This suggests that the withdrawal of bears’ stops – short positions, gained during the period of consolidation since December last year, has not yet happened, these stops are located higher. And if there was an attack on the nearest orders, it will most likely continue. In this case, the euro’s target is 1.1570 – the peak of January 2019.
On the four-hour chart, the price has consolidated above the target level of 1.1415. The Marlin Oscillator is in the overbought zone, showing an intention to exit it. The price is likely to sag a little before further growth, it will be supported by the level 1.1415, while Marlin will get a release and later continue to move upward.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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