CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

EUR/USD relatively quiet

17:03 10 May 2021

After the disappointing results of the NFP report released on Friday, the US dollar has been losing strength once again.
Since then, all fx majors have been appreciating against the US dollar, including the EUR/USD which overcame resistance level at 1.21.

Today's session is relatively calm but the USD continues to show weaknesses. Due to the lack of volatility in the market, the pair eur/usd pair has been trading sideways in the last hours

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If we look at the 1 hour time frame chart we can verify that we may be facing a possible consolidation zone (blue rectangle). However, once this zone is broken upwards, it might generate a new bullish momentum.

On the other hand, the RSI remains very close to the overbought zone and is a risk factor, which may cause new barriers for buyers

 

Eur/usd, 1 hour time frame chart. Source: xStation 5

If we look at the US dollar index (USDIDX), we can see that the price remains under pressure. Besides that, we can see that the price has broken the expansive channel, which may indicate that the bearish bias is not over yet.

 

USDIDX, Daily (D1)  time frame chart. Source: xStation 5

 

GBP is the best performing major currencies while CHF lag the most

Source: currency-strength.com

Henrique Tomé, XTB Portugal

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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