Last week we saw a strong devaluation of the USD against the majors currencies pairs, however, at the end of the week the USD ended up recovering part of the falls.
While today's session could become slightly less volatile as it is a US holiday, the EUR/USD pair is starting to show signs of recovery as buyers are able to regain control of the price near an important zone.
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Despite this session being marked by the recovery of the USD, we can see that buyers are managing to regain control of the price after the price tested the downtrend line in which it was broken during the past week, together with the previous one. range that kept the price consolidating for more than 1 month.
EUR/USD, Daily time frame chart. Source: xStation 5
15’ time frame chart
On the other hand, through the 15 minute time frame, we can see that the price has been consolidating over the last few hours. Buyers have regained control of the price near the bottom of the consolidation which coincides with the downtrend line identified on the daily chart.
As long as buyers are able to maintain control of the price, a bullish rally towards the upper limit of the range cannot be excluded.
15’ time frame chartt. Source: xStation 5
During this session, CAD leads gains.
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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