Yesterday's sharp rise in the euro ended at the MACD line on the daily chart. The total fluctuation range amounted to about 160 pips. As of now, the price continues to move within the body of Tuesday's and Wednesday's candles.

These are signs that the price may be aiming for the still untested support level at 1.1535. A new corrective wave is possible from this level. If it occurs, the Marlin oscillator will test the zero line from below. Thus, sideways movement in the 1.1535–1.1692 range may persist for a while. A break below 1.1535 would open the way toward the 1.1420 target.

On the H4 chart, the Marlin oscillator has turned downward from the zero neutral line. The balance line and the 1.1692 level were pierced with an upper shadow, indicating the false nature of that bullish move — the price is still trading below the balance line.