On the daily chart, the signal line of the Marlin oscillator is approaching the strong support level of 0.0133. An upward reversal of the oscillator is likely from this line, indicating that it may complete its discharge from the overbought zone.
If the price rises above 1.3001, it will open up a target of 1.3101, with the potential for further growth toward the target level of 1.3184.
Conversely, to explore an alternative scenario, the price would need to consolidate below the MACD line on the four-hour chart, specifically under today's opening price. If this happens, a deeper target of 1.2816/47 could be reached.
However, a significant decline is only expected if the market reacts negatively to the results of the Federal Reserve meeting on Wednesday. Additionally, on the H4 chart, the signal line of the Marlin oscillator continues to consolidate around the zero neutral line, suggesting that the oscillator may exit this range upwards.
