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Following Moody's downgrade of the U.S. credit rating from AAA to Aa1 on Friday, yesterday saw downgrades of major U.S. banks as well—Bank of America, JPMorgan, and Wells Fargo—from Aa1 to Aa2. Treasury Secretary S. Bessent rightly called the agency a "lagging indicator," and markets barely reacted to the move: the S&P 500 rose 0.09%, 10-year U.S. Treasury yields held at 4.45% (same as May 13), and the U.S. Dollar Index dropped by 0.36%, a move that is difficult to describe as a reaction and aligns with the prevailing medium-term trend. We do not doubt that events are accumulating, ultimately leading to a major market collapse and economic crisis, though not in the short term.
On the daily chart, resistance at 1.1266 was pierced by the upper shadow. Tuesday began with a rise, but the Monday gap remains unclosed. If the price consolidates above 1.1266 and then continues higher to surpass 1.1535, a bearish divergence with the Marlin oscillator will form, which could lead to a sharp return to below 1.0955, not only closing the gap but also crushing the hopes of euro optimists.
On the H4 chart, the price is attempting to climb above the indicator lines, signaling an intention to break through 1.1266. The Marlin oscillator is also rising, but unless the price consolidates above 1.1266, a sharp drop toward 1.1150 remains possible, potentially clearing the way for more stable growth (which does not rule out a crash later).
The gap is small, and it is either nonexistent or already closed on other currencies. Therefore, the main criterion is whether the price consolidates above the 1.1266 resistance level.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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