The start of this week's trading started relatively calmly in the forex market, with EUR/USD remaining sideways depistes the breakout of an important short-term resistance level (1.10149).
Technical Analysis - 1 hour time frame chart.
On the 1-hour chart, we can see that the pair continues to trade in an ascending channel and despite breaking above the 1.10149 resistance zone, sideways movement continues to dominate this trading session.
EUR/USD, 1 hour time frame chart. Source: xStation
On the other hand, if we take a look at the US dollar index, we can see that the USD is starting to show signs of weakness.
Although the price has appreciated strongly over recent times, we cannot exclude the possibility of a further pullback.
4 hours time frame chart. Source: xStation 5
During this session, CAD leads gains.
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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