On Tuesday, the euro attempted a downward move but failed to reach support at the MACD line, stopping at the target level of 1.1692. The day closed with a white candlestick, increasing the likelihood of a price rebound toward retesting the upper boundary of the price channel at 1.1830.
For a downward continuation, the price must settle below the support reached yesterday and also below the MACD line. However, this would require at least two more days. On Friday, a large batch of data is expected from the UK, meaning that the key developments are likely to unfold next week. Trump has postponed the introduction of tariffs from July 9 to August 1.
On the four-hour chart, a convergence has formed. The likelihood of a rise toward 1.1830 now has more technical justification. The MACD line near the 1.1771 mark acts as interim resistance—if this level is broken, the main target will be automatically unlocked.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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