Yesterday, the euro displayed a range of 70 pips, with the central part falling within the target range of 1.1140/50. Today, during the Pacific session, the price holds within this range. A reversal of the Marlin oscillator from the overbought zone could indicate the market cooling off before Federal Reserve Chair Jerome Powell's speech at tomorrow's Jackson Hole symposium.

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Following this speech, our main scenario assumes a price decline in the medium term. The first sign of such a decline would be the price consolidation below the 1.1085 level. If we are wrong about the Fed's strategy, the euro could experience a solid rise to the target range of 1.1280-1.1310.

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In the 4-hour chart, the Marlin oscillator's signal line attempts a downward breakout from its range. This is the first and weak sign of a reversal. We await confirmation through Marlin moving into negative territory and the price surpassing the MACD line around the target support of 1.1085.