A double divergence on the daily scale attempts to push the price upward from the session’s open, targeting the 1.2994 level. Breaking through this level will open the path to the next target at 1.3080. However, achieving this will be challenging, and a reversal from 1.2994 is more likely.
If the price consolidates below 1.2859 (the June 12 high), it may consecutively target the support levels at 1.2773, 1.2708, and 1.2612. The consolidation range between 1.2859 and 1.2994 appears unstable, making it unlikely for the price to remain in this zone for several more days. The price is under the combined pressure of the price indicators and the Marlin oscillator on the four-hour chart. If the price strengthens and consolidates above the MACD line at 1.2953, the target at 1.2994 will likely be achieved.
Beyond this, the bulls will face significant challenges in consolidating above this level and advancing toward 1.3080. Conversely, if the price consolidates below 1.2859, a downward movement scenario may unfold, with sequential support levels being tested.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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