Yesterday, the euro declined by 22 pips; however, a daily close below key levels was prevented by the balance indicator line on the daily timeframe and the MACD line on the four-hour timeframe. If these levels provide sufficient support to push the price above 1.0458, and more importantly, above yesterday’s high of 1.0462, the uptrend could resume, allowing the price to target the range of 1.0534 to 1.0575.
For a continued downward movement, the price must break below yesterday’s low of 1.0401. A successful breach of this level would reopen the downside target at 1.0350. On the H4 timeframe, after rebounding from the MACD line, the price climbed back above the balance line, despite briefly consolidating below it.
This consolidation could turn out to be a false breakout, further reinforcing the potential for upward movement. If the price consolidates above 1.0458, the previously mentioned target range will come into play. At the moment, the probability of movement in either direction remains balanced.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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