Like other anti-dollar currencies, the euro quickly overcame the negative news from the U.S. Court of International Trade and closed the day with a 76-pip gain.
This morning, the price is approaching the target resistance at 1.1420. A breakout above this level opens the path to 1.1535 with the prospect of growth toward 1.1692. The Marlin oscillator quickly returned to positive territory and now supports the price in reaching its targets.
The price forcefully broke above the 1.1266 resistance on the four-hour chart and both indicator lines—the balance line and the MACD line. The signal line of the Marlin oscillator also strongly entered and settled in positive territory.
We expect the upward trend to develop. A consolidation above 1.1420 will open the way to the 1.1535 level.
