The battle between the bulls and the bears is intensifying. Yesterday, the euro went through the entire range between 1.0964 and 1.1010 with overlaps in both directions. Today, the pair slightly rose during the Pacific session. Each day closed with a black candle undeniably increases the likelihood of a reversal into a medium-term trend, as the Marlin oscillator moves further away from the upper boundary of its channel, indirectly pulling the price with it.
If the price consolidates below the 1.0964 level, Marlin may enter negative territory, but it will face a new test there—the support of the lower boundary of this channel, from which an upward reversal could occur. This scenario is marked with a dashed line. Such a scenario is possible if the price reaches the support level of 1.0905. As we mentioned yesterday, uncertainty could persist until the Federal Reserve's meeting on September 18. Speculators' interest in risk remains—yesterday the S&P 500 rose by 1.39% amid mixed economic indicators.
In the 4-hour chart, the price is beginning to consolidate above the 1.0964 level. Similarly, the Marlin oscillator shows an intention to stretch along the zero neutral line. Below the level is the MACD line (1.0940), which provides additional support; thus, the euro may experience fluctuations easily if it drops below this level.
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