After the strong growth of the dollar on Tuesday, the pair yesterday rolled back a little to support the upward line of the price channel on the daily chart. The level of 106.46 regains the key role, which means the mandatory fixing of the price above it, only if the market wants to grow further. The targets are above 107.40 (the MACD line on the daily chart) and 108.53 (the line of the red falling price channel). After fixing the price under yesterday’s low, the price will return to the price channel line to the area of 104.95, which will lead to fixing under the green line of the price channel. The Marlin Oscillator is growing but it is not informative in the current situation.
On a four-hour chart, the price is held by the line of balance (red indicator), which indicates the retention of market interest in growth. Exit above the blue line of MACD, to which there are only a few points, will significantly facilitate the price increase to 106.46. The Marlin Oscillator is being kept in the growth zone. In this situation, its readings are correct. We are waiting for fixing of the price above the next key level, which is our main scenario.
Origin: InstaForex
