Market participants have again been gripped by fear due to Washington's intention to expand tariff duties by 20% on virtually all U.S. trading partners. On Friday, the S&P 500 stock index plunged by 1.97%, and now the equity market may take the lead in shaping risk sentiment. If that happens, the euro may not withstand the pressure and could follow a medium-term downward trend.

On the four-hour chart, the price is approaching the MACD line. This is a timely signal, as a consolidation above this resistance level would indicate that the bulls are ready to continue the rally toward 1.0955. The initial impulse came from the Marlin oscillator reversing off the zero line.

The nearest support level is 1.0762. A break below it would open the way to the 1.0667 target. The direction of the S&P 500 index will influence the sustainability of the trend in either direction. For now, the situation remains uncertain.