Yesterday, on the 1D chart, the candlestick pierced the MACD indicator line upwards. This morning, the price is trying to climb above the resistance and consolidate above it.
If it closes the day below the MACD line, below yesterday’s closing level (1.2265), the bulls’ forces will weaken, and the price can go back to 1.2155. Settling above the MACD line will encourage the bulls, and they can push the price to the target level of 1.2420.
On the four-hour chart, the price has already moved above 1.2265. The Marlin oscillator has consolidated in the ascending trend area, reinforcing the price’s growth. The main scenario is that the price will rise to 1.2420.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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