EUR/USD attempts to break above the next key level

4:18 PM 17 May 2021

The forex market is being traded relatively stable, with low levels of volatility between the major currencies. Despite all the concerns about the evolution of inflation in the USA, the dollar lost strength again and recovered all the gains it had last week

The pair EUR/USD was traded under pressure near to the key level at 1.21. However, all losses were recovered and the pair returned above the key level.
As long as the price remains above the key level, it is expected that the bullish movement could emerge towards the previous high at 1.21812.

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

If we look at the US dollar index (USDIDX), on the weekly time frame chart, we can see that the price remains under pressure.
The main trend line has been broken almost one year ago and the new structure ended up being broken last week, which may reinforce the new bearish momentum in the USD

USDIDX, Weekly (W1) time frame chart. Source: xStation 5

CADis the best performing major currencies while NZD lag the most

Source: currency-strength.com

Henrique Tomé,
XTB Portugal

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