During the last week, the euro ended up losing some strength against the U.S dollar. However, at this moment, the price is testing an important technical zone that could dictate the next momentum in the pair.
Analyzing the EUR/USD pair through the 4-hour time frame chart, we can see that the price is testing the bottom of the channel that has been supporting the upward movement since the buyers managed to break the downtrend on February 19th.
As long as the price remains above this zone, the upward movement could extend even further.
EUR/USD 4 hours time frame chart. Source: xStation 5
On the other hand, looking at the chart of the American dollar index, we can see that there might be some indecision. The price recovered after having tested the support zone around 102 points, but the buying strength seems to be slowing down. The behavior of the DXY could be the next trigger for the EUR/USD pair.
USD index. 4 hours time frame chart. Source: xStation 5
Forex Heatmap. Source: xStation 5
Henrique Tomé,Analyst Portugal
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