The euro is starting the week on a path to recovery against the US dollar. This recovery has been consistent since the price reached the 1.072 zone in the second week of February.
Currently, by analyzing the EUR/USD pair chart, it is evident that the price has broken through a significant graphical structure, and since then, buyers have been regaining control over the price.
EUR/USD 1 hour time frame chart. Source: xStation 5
Furthermore, an analysis of the US dollar index chart reveals that the price may trigger a new trend reversal pattern - a head and shoulders.
In this scenario, the euro's recovery against the dollar could be further reinforced.
USD index. 4 hours time frame chart. Source: xStation 5
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