Today's session has been relatively quiet in the forex market, with the EUR/USD pair remains in the range.
4-hour time frame chart.
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Create account Try a demo Download mobile app Download mobile appOn the 4-hour chart, we can see that buyers are still struggling to break the upper limit of the range that coincides with the Fibonacci levels at 61.8%.
As long as the price remains below this zone, there is a possibility that we will see further bearish momentum for the Euro against the US Dollar.
EUR/USD, 4 hour time frame chart. Source: xStation
However, on the 1-hour chart, we can see that the divergence between the US dollar and the dollar index is increasing more and more, and a change in market sentiment could emerge in the medium to long term.
Dollar INDEX, Daily Time frame chart. Source: xStation 5
In the dollar index, we can see that the price is getting closer and closer to the uptrend line, which could indicate a new bullish momentum in the index if buyers are able to regain control of the price along the uptrend line.
During this session, CAD is leading the gains!
Source: currency-strength.com
Henrique Tomé, XTB Portugal
