The EUR/USD pair continues to be traded under pressure. Although the ECB announced a new interest rate hike last week, the euro ended up reacting negatively against to the US dollar.
This week, it is expected that volatility will remain high for the EUR/USD as the Federal Reserve will announce its decision on interest rates. Market expectations point to the current interest rate being maintained and a potential announcement of the end of the interest rate hike cycle.
Despite the EUR/USD remaining under pressure, the currency has been attempting to recover against the US dollar. At this moment, buyers are trying to break above the 50-period EMA.
If a breakout in this zone occurs, the short-term recovery movement may extend further. However, if the upward trendline is broken downward, we cannot exclude the possibility of a new downward movement toward relative lows.
1 hour time frame chart. Source: xStation 5
Henrique Tomé,
Analyst Portugal
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