EUR/USD: Bulls have just started

Last week, we had alerted to the fact that the divergence between the US dollar index and TNOTEs could potentially exert pressure on the US dollar.

In fact, the US dollar was exposed to periods of high volatility during the past week, with macro indicators contributing to this situation. The most recent data concerning the American economy indicate that all sectors of the economy are slowing down, and there is no need for further interest rate increases, even though the Federal Reserve has not yet officially communicated the end of the cycle.

Daily time frame chart. Source: xStation 5

In the chart of the US dollar index and TNOTE, we can observe that the divergence continues. The sell-off in the USD could intensify if sellers manage to break the lower limit of the range.

TNOTE and USDIDX Daily time frame chart. Source: xStation 5

Henrique Tomé,
Analyst Portugal

17 October 2025, 10:42 AM

Chart of the day - EURUSD (17.10.2025)

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forex
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EUR/USD: Bulls have just started

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