The beginning of this session is marked by an improvement in market sentiment, with equities recovering, while the US dollar is retreating slightly.
In the case of the EUR/USD pair, we are seeing signs of buyer strength again. The price continues to be supported by the support zone marked by 1.047, and at this moment, there are indications that the price may gain new upward momentum in the short term.
On the 1-hour chart, we can see that the price is being traded within a technical structure that has not been broken yet. If buyers manage to surpass the upper limit of the structure, then the upward movement towards the 1.06398 mark should not be ruled out.
1 hour time frame chart. Source: xStation 5
On the chart of the US dollar index and TNOTE, we can see that the divergence is increasing, which may lead to the belief that the US dollar could begin to depreciate soon.
TNOTE and USDIDX Daily time frame chart. Source: xStation 5
Currency Strength. Source: currency-strength.com
Henrique Tomé,
Analyst Portugal
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