FX.co ★ Forecast for EUR/USD on July 4, 2022

Last Friday, the euro put in a lot of effort to move towards the 1.0340 target level, but without strong fundamental support, such a move was somewhat risky. As a result, the bulls tossed the price and now the euro is likely to continue consolidating in order to fulfill its plan with renewed vigor a little later.

The price formed a small convergence with the Marlin Oscillator on the H4 chart, which also hints at a small correction of the consolidation type.

The first resistance of this correction is the MACD indicator line at 1.0457. If the price overcomes it, then the next target will be the level of 1.0493. The MACD line of a daily scale is approaching this level, so we do not expect growth to develop above 1.0493.