EUR/USD hits new relative low, what can we expect next?

This week will be marked by the intervention of several central banks, such as the ECB and the long-awaited report on the labor market - NFP in the US.

Technical Analysis - 4 hours time frame chart

On the 4-hour chart we can see that the EUR/USD pair has recently reached a new relative low near 1,112 and since then buyers have been able to regain control of the price.

However, one should not exclude the existence of some obstacles that could jeopardize the current bullish recovery.

The next hurdle for buyers could be located near the Fibonacci levels at 61.8% where it coincides with the 50-period EMA.

On the other hand, if buyers manage to break above this zone, the lower boundary of the previously broken down channel could be at risk.

4 hours time frame chart. Source: xStation 5

US Dollar Index (USDIDX)

If we look at the US dollar index (USDIDX), we can see that the technical target of the previous chart pattern - head and shoulders - has already been reached, so the current retreat of the USD makes sense.

Daily time frame chart. Source: xStation 5

During this session, AUD leads gains.

Source: currency-strength.com

Henrique Tomé, XTB Portugal

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Forex Technical analysis

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