On Monday, the euro declined by 71 pips, testing the support at 1.1692. As anticipated, the price did not attempt to break through the MACD line immediately but chose instead to consolidate above the reached level to build momentum. This increases the likelihood of a retest of the price channel line near the 1.1830 level, which also coincides with the July 1 high. If this scenario unfolds, a divergence may form on the daily chart.
On the four-hour chart, the corrective upward movement of the last two candles encountered resistance at the balance and MACD indicator lines. A consolidation above the MACD line, above the 1.1753 level, would allow the price to once again reach this month’s high.
A close below the 1.1692 level today would not yet confirm the target at 1.1535, as the MACD line on the daily chart would still be intact. However, a renewed attack on the 1.1692 support tomorrow—if successful—could be a decisive step toward forming a medium-term downtrend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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