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On Wednesday, the euro managed to rise to the target level of 1.1266 (the lows from April 15 and May 1), but in the absence of external support (S&P 500 rose by 0.10%, while the Dow Jones fell by 0.21%), the day closed with a 10-pip decline.
However, by the end of the day, the pair had consolidated above the balance line (the red moving average), which likely sets a positive tone for buyers in the Asian session. A breakout of the resistance level tested yesterday may occur as early as today. Consolidation above this level would open the path toward the target at 1.1420. The Marlin oscillator's signal line has broken out of its descending channel to the upside, supporting the bulls' optimism.
On the four-hour chart, the Marlin oscillator's signal line has turned upward from the boundary of the bearish zone. The price has moved back above the MACD line. This indicates that the earlier two candlesticks' dips below that line were false moves, providing an extra boost for upward momentum.
An alternative scenario could develop if the price falls below the 1.1110/50 range, which is reinforced by the MACD line on the daily chart. In that case, a new battle for the 1.0955 level may unfold.
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