Today's session is relatively quiet, with the market showing weak signs of liquidity.
However, it appears that the euro is trying to recover against the US dollar during today's session.
Let's take a closer look at the EUR/USD pair.
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app4-hour time frame chart analysis.
On the 4 hour chart, we can see that buyers are trying to regain control over the price and we may be seeing a chart pattern - Falling Wedge.
The upper bound of the structure (falling wedge) has already been broken as well as the 50 period EMA and the bullish momentum could intensify further if buyers continue to hold or control the price.
EUR/USD, 4-hour time frame chart. Source: xStation
Daily chart analysis (D1)
On the daily chart we can see that the bearish momentum has been slowing down as the price approaches March lows.
EUR/USD, daily chart. Source: xStation 5
On the other hand, the Dollar Index (DXY) starts to show signs of slowing down as well. Besides that, we were still able to identify a structure that could intensify the declines if it breaks down. We can detect a rising wedge near the resistance zone at 93$.
USDIDX, Daily chart. Source: xStation 5
The Pound (GBP) is the best major performer, while the US Dollar is the worst performer among the fx majors.
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.
