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By the end of Tuesday, the euro gained 45 pips, and during today's Pacific session, it has added roughly the same amount, approaching the target level of 1.1027. If resistance is broken, the price may target the 1.1110/50 range. However, a bearish trap could be lurking there. The reason is that commodities and stock indices continue to decline sharply, and the euro might not withstand the pressure. Yesterday, oil fell by 2.16%, and the S&P 500 by 1.57%.
A consolidation above the 1.1110/50 range, combined with a correctional rebound in equity markets and oil, could extend the euro's rise toward the 1.1276 target.
An alternative scenario with a drop in the euro toward 1.0762 may also unfold, but for that, the pair needs to consolidate below the 1.0955 level.
On the H4 chart, the Marlin oscillator has timely entered positive territory—indicating the price needs support to break through the 1.1027 resistance level. Once the price has consolidated above this level, it could cautiously advance to the target zone.
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