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Yesterday, the euro traded in a range of 38 points, exactly between the support at 1.1572 and the resistance of the MACD line on the daily (1.1609). The signal line of the Marlin Oscillator has deepened into the positive area, and this increases the likelihood of the price breaking above the MACD line. After consolidating above it, we expect the price to rise to the level of 1.1750 - to the resistance on September 21-24.
The formed technical convergence of the price with the oscillator has a high slope, and this represents the weakness of this formation. There is a possibility that the price will fall again and reform the convergence at a different, less steep slope. This option is marked on the graph with a dashed line.
On the four-hour scale, the price lingered on the MACD line, did not settle either above or below this line. On this timeframe, the probable price drop will form a double convergence, which will be a false price drift below the level of 1.1572. Therefore, this line can be abolished as it has fulfilled its role.
So, we are waiting for the price to settle above 1.1609 and medium-term growth of the euro.
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