On Monday, the euro did a lot of work to overcome the support levels of the MACD line on the daily chart and the target level of 1.0924. The pair reached the 1.0865 support level, which gives it the chance to fall before it corrects higher. The driving idea of the corrective phase is the beginning of a correction in the stock market – yesterday the S&P 500 increased by 0.57%. We can confirm this once the price consolidates above 1.0924.
If the price can settle below 1.0865, then the corrective element will be the movement from August 3 to 10, and the price will continue to fall in the target range of 1.0761/88.
On the 4-hour chart, the price has consolidated below the MACD indicator line and the 1.0924 support. The 1.0865 target seems attainable. If the price can consolidate above 1.0924, it will automatically lead to overcoming the MACD line on the daily chart, and this will be a good boost for the bulls.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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