The euro continues to appreciate against the US dollar, having reached relative lows on the 14th of February 2024.
However, as can be seen in the chart below, the price recently encountered an area that may pose a short-term obstacle for buyers.
EUR/USD 4 hours time frame chart. Source: xStation 5
When we look at the US dollar index further reveals that the downward momentum was initiated by a breach of the head and shoulders chart pattern.
Nevertheless, the price is presently testing a significant support zone which might curtail the ongoing downward trend. Furthermore, the technical target of the chart pattern has been met, suggesting a potential weakening of momentum.
USD index. 4 hours time frame chart. Source: xStation 5
Source: currency-strength
Henrique Tomé,Analyst Portugal
ملخص يومي: التوترات بين الولايات المتحدة والصين تُشعل شرارة أكبر موجة بيع منذ "يوم التحرير" ✂️
عاجل: انخفاض USDCAD بعد بيانات التوظيف الكندية 📌
البنك المركزي الأوروبي لا يستعد للتغييرات. هل زوج اليورو/الدولار الأمريكي مُقَيَّم بأقل من قيمته الحقيقية؟
عاجل: مؤشر أسعار المستهلك النرويجي أعلى قليلاً من المتوقع
