On Monday, the euro failed to hold above the MACD line—the day closed with a black candlestick below this line, although there has been no firm consolidation yet. Tuesday began with upward momentum. The Marlin oscillator is rising, reflecting the current state of uncertainty.

If the price starts to drift along the indicator line, the sideways uncertainty may persist up until the Federal Reserve's policy meeting. To avoid a confirmed consolidation below the MACD line—which would reinforce the bearish scenario—the price must close today above this line. Such price action would support a continuation of the neutral sideways trend, with the price caught between the MACD line and the balance line.

On the four-hour chart, the price is clearly coiling around the key level of 1.1650. The Marlin oscillator remains in negative territory, but with the MACD line well below the current price (1.1607), Marlin is free to oscillate near the zero axis. Both timeframes show clear signs of consolidation and sideways movement. Market participants now await the Federal Reserve's meeting on October 29. Tomorrow, a batch of U.K. inflation data will be released, which may bring a brief uptick in market activity.