For the second consecutive week, the euro has continued to depreciate against the US dollar, despite the gains in Wall Street indices.
The positive economic data from the US and the shift in expectations regarding interest rate cuts are causing the USD to regain strength, putting pressure on the euro.
Nevertheless, on the 1-hour chart, we can see that the price is testing an important intraday support zone marked by 1.081. This zone could be crucial for the currency pair because if the price rejects this zone, it could bounce back. In this case, we cannot rule out the possibility of a new test of the upper range limit.
EUR/USD 1 hour time frame chart. Source: xStation 5
On the other hand, the bearish scenario continues to seem the most likely to occur, especially when we analyze the behavior of the US dollar index. The inverted head and shoulders pattern continues to support the bullish scenario since the technical target has not yet been reached.
USD index. 4 hours time frame chart. Source: xStation 5
Henrique Tomé,
Analyst Portugal
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