On Tuesday, the euro underwent a technical correction from the resistance level 1.1420. On the same day, gold declined by 1.14%, WTI crude oil by 0.44%, and government bond yields edged lower. However, the stock market remained buoyant, signaling ongoing risk appetite (S&P 500 up 2.05%). Following yesterday’s correction, European currencies may now join this risk-on sentiment.
On the daily timeframe, the price stopped at the balance line support. The Marlin oscillator’s signal line tested the boundary of the bearish zone and now appears ready to reverse upward. The MACD line, currently at 1.1266, limits the bears’ optimism. At this point, it is easier for the market to continue rising than to attempt to extend the decline.
On the four-hour chart, the MACD line also reinforces the 1.1266 level and is about to move even higher. This level is being strengthened across major timeframes, and the price reacts to it. Additionally, on H4, the price is supported by the balance line. We now expect a price reversal and a move above 1.1420, opening the path to the next target at 1.1535.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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