On Friday, the euro eased slightly from the 1.1750 resistance level and is neutral this morning, probably examining the market reaction to the results in the national parliamentary elections. The preliminary results are as follows: SPD (O. Scholz) 25.7%, CDU and CSU bloc (A. Merkel-A. Laschet) 24.1%, Greens 14.8%, Alternative for Germany 10.3%... Olaf Scholz will become Chancellor in Germany, who bypassed Armin Laschet in the last hours of the vote count.
For the growth to develop, the price needs to rise above the 1.1750/65 range, then one can hope for continued growth towards the 1.1852 target. To continue the downward trend, the price will need to overcome the nearest low of 1.1683 (Thursday's low). Obviously, movement in any direction will not happen today, so we are waiting for the development of events in the coming days.
The Marlin Oscillator on the four-hour chart, when it enters the zone of positive values, gives a primary signal for growth. To fix it, the price needs to go above the MACD line, above the level of 1.1750. The euro's intention to continue its growth is noticeable, but we need to wait for the consolidating signals.
The material has been provided by InstaForex Company - www.instaforex.com