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In yesterday's calm market, despite the release of various economic data from Europe and the U.S., the euro still managed to gain 13 pips. At the very least, this confirmed the single currency's intent to continue its upward movement. The first target of this rise is the 1.1266 level, after which a path toward the 1.1420 resistance will open.
The last three daily candles haven't even dipped below the balance line with their shadows, which indicates that the buying trend remains intact. The Marlin oscillator is rising more slowly than usual, which suggests that a temporary pullback from the nearest resistance cannot be ruled out. Market volatility is expected to increase today and on Monday, especially with the release of important data, including the eurozone CPI for April.
The MACD line reliably supports price development on the four-hour chart. Currently, the price is trying to consolidate above the balance line. The Marlin oscillator's signal line has formed a wedge pattern, so we expect a first attempt to break through the target resistance today.
An alternative scenario is possible if the price settles below the 1.1150 level, which is reinforced by the MACD line on the H4 chart and the daily timeframe.
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