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On Wednesday, the euro gained momentum, rising by 76 points and briefly testing the target level of 1.0590 with its upper shadow. During the Pacific session today, the price slightly retreated, likely waiting for the Marlin oscillator to approach the boundary of positive territory. This appears to signal a synchronized move into the next phase of the correction: breaking above the current resistance and advancing toward 1.0636, followed by 1.0724.
On the four-hour chart, the price is consolidating below 1.0590 while remaining above the balance line and MACD moving average. This type of consolidation suggests preparation for an upward breakout. The Marlin oscillator is slightly declining, potentially allowing for movement into overbought territory.
A return of the price to the 1.0449/83 support range, which would also push it below the MACD moving average, would invalidate the current scenario and present an alternative one, indicating a decline below the 1.0350 level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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