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On Tuesday, the euro fell to the lower limit of the accumulative range from May 18, which formally increases the likelihood of going down from it, but tomorrow the European Central Bank will hold a monetary policy meeting, it will be very important, if only due to the fact that it will take place in its traditional form, and not online. The investors' main issue of concern is the change in the volume of the PEPP program. The euro may remain in a neutral range as it awaits the ECB meeting.
The probability of a triple divergence of the price with the oscillator remains. And here the rapid growth in the 1.2272-1.2310 range may take place precisely at the ECB meeting. Another scenario assumes a decline to the target level of 1.2051 - to the low on May 13. Further, a decline to the lower border of the price channel is possible - to the area of 1.1925.
The Marlin oscillator is already lying on the horizon on the four-hour chart, which suggests a sideways price movement in anticipation of tomorrow's event. A signal for growth will be the price exit above the MACD line (1.2210).
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