The euro failed to overcome the support on the first attempt on the weekly chart. We hadn’t expected such a bold move from the bears.
Currently, the price is undergoing an upward correction. Convergence on the daily chart has strengthened, and we are awaiting the conclusion of the consolidation phase.
If the price consolidates below the trendline on the weekly chart at 1.0211, this could open up a target of 0.9920. The intermediate levels to watch are at 1.0135 and 1.0030.
On the 4-hour chart, today’s price increase during the Pacific session was halted by the MACD line at 1.0278. Should the price gain the strength to surpass this high, growth could extend to 1.0350. The convergence has yet to complete its course.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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