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On Friday, the euro successfully broke above both the balance indicator line and the recent high from May 21. The price is now approaching the next target level at 1.1420, and a breakout above this level would open the path to the next target at 1.1535. If the price consolidates above that, the third target at 1.1692 will come into play.
The Marlin oscillator has established itself in bullish territory and will now continue to support the price movement as long as it does not enter the overbought zone under the main scenario.
The price is climbing above the upward-sloping balance and MACD indicator lines on the four-hour chart. A consolidation above the nearest resistance at 1.1420 will allow the price to continue this upward path.
There is a suggestion that the price and the Marlin oscillator may be setting up conditions for a bearish divergence, but this impression emerged after a brief dip below the zero line (gray rectangle), which is now interpreted as a false signal. Therefore, the signal line may continue rising into the overbought zone, and no divergence may form.
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