On Monday, the euro declined due to falling commodity prices and stock indices. However, on Tuesday, it rose even as oil prices dropped by 2.26% and the S&P 500 fell by 0.47%. This divergence indicates the euro’s resilience and bolsters the technical case for a rally towards 1.0667, a strong support level from June 2024. Before this can happen, though, the euro must first overcome two interim resistance levels at 1.0575 and 1.0610, which were observed on November 20, 2024.
To support this scenario, the euro needs to consolidate above 1.0534. Doing so would eliminate the possibility of a developing divergence. If the price cannot sustain this level, it may drop back to 1.0458, and a consolidation below this point could push the euro down to 1.0350.
On the four-hour chart, the overall trend remains bullish: the price is above both indicator lines, which are angled upwards, and the Marlin oscillator is confidently continuing its upward movement in the territory of the upward trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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