The euro surprised us on Thursday. It was not affected by either the ECB meeting, which, however, did not provide any guidelines for changing monetary policy in the future, or the rise in consumer prices to 5.0% y/y in the US. Investors are likely to await clarification from the Fed at next week's meeting on the 16th.
The euro is still staying above the balance indicator line on the daily chart. The Marlin oscillator gives a sign of an upward reversal, which also supports the risk of a triple divergence with the price rising to the 1.2272-1.2310 range. But in general, the price has been in a sideways trend since May 19.
The price is below the MACD line on the four-hour chart, while the Marlin oscillator is in the growing trend zone. The local trend is sideways. Consolidating above the MACD line above 1.2195 will send the price towards the upper consolidation line, marked with a gray area on the daily chart, around 1.2240.
Surpassing yesterday's low of 1.2143 could provoke a continuation of the attack to the target level of 1.2051 (May 13 low).