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Yesterday's growth by 68 points seriously shifted the trend towards medium-term growth. The Marlin Oscillator entered the zone of positive values, which gave the first signal for the formation of such a growth.
The euro will consolidate this tendency after the price settles above the MACD indicator line on the daily chart, above 1.3900. In this case, the price can go to the 1.4240-1.4376 range (high of April 2018).
The price settled above the MACD indicator line on the H4 chart. The Marlin Oscillator has slowed down, which allows a correction to the MACD line to the 1.3758 area before the price continues to rise.
In order to return with a new attack, the price must at least settle below the MACD line, and Marlin must return to the zone of negative values on the daily chart. This will take the price at least two days, which coincides in time with the Federal Reserve's monetary policy decision tomorrow and Fed Chairman Jerome Powell's press conference. The meeting will be a walk-through, Powell will suffice to say that the members of the committee have begun discussions regarding the current QE. This will be almost a direct indication that the beginning of tightening is scheduled for December.
If there are no changes in the accompanying document, the pound will have time to reach the target range of 1.4240-1.4376 before the September FOMC meeting.
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