This morning, the price attempts to repeat and consolidate Friday's move by breaking above the resistance at 1.3141. Success would allow the price to target the upper boundary of the price channel at 1.3245, provided it can overcome the intermediate level at 1.3220 along the way.
The Marlin oscillator has settled in the positive area, indicating favorable conditions for growth. However, one crucial factor is missing—time—since the Federal Reserve will announce its monetary policy decision on Wednesday, followed by the Bank of England's decision on Thursday.
On the four-hour chart, the price is struggling against the resistance of the MACD line and the level of 1.3141. A consolidation above this level would give the bulls some optimism, but reaching 1.3220 is far from certain. A drop below Friday's low of 1.3113 would open the target at 1.3080.
