The euro is currently being supported from below by the daily MACD indicator line. If the price lacks the strength to break through resistance and move toward the target of 1.1842, then the range between the balance line and the MACD line appears to be a convenient zone for consolidation while awaiting the upcoming FOMC meeting on Wednesday.
The Marlin oscillator is consolidating above the zero line, but time is working against it — continued sideways movement in price could push it into negative territory, expanding the range of uncertainty. As stated in our main scenario, we expect the euro to decline after the FOMC meeting.
On the four-hour chart, the MACD line near 1.1680 serves as support. This level coincides with the daily balance line.
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