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By the end of Tuesday, the euro gained 45 pips, and during today's Pacific session, it has added roughly the same amount, approaching the target level of 1.1027. If resistance is broken, the price may target the 1.1110/50 range. However, a bearish trap could be lurking there. The reason is that commodities and stock indices continue to decline sharply, and the euro might not withstand the pressure. Yesterday, oil fell by 2.16%, and the S&P 500 by 1.57%.
A consolidation above the 1.1110/50 range, combined with a correctional rebound in equity markets and oil, could extend the euro's rise toward the 1.1276 target.
An alternative scenario with a drop in the euro toward 1.0762 may also unfold, but for that, the pair needs to consolidate below the 1.0955 level.
On the H4 chart, the Marlin oscillator has timely entered positive territory—indicating the price needs support to break through the 1.1027 resistance level. Once the price has consolidated above this level, it could cautiously advance to the target zone.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
