EUR/USD: How far can Euro go against USD?

Last week was marked by a clear improvement in market sentiment, with risk-assets outperforming the market, while the US dollar was penalized by the risk-on sentiment.

EUR/USD - Daily time frame chart

On the daily chart, we can see that the bullish momentum has intensified after the price managed to break above the top of the previous range.

However, we can see that the buying force starts to show signs of slowing down near the resistance level at 1.0800.

EUR/USD, Daily time frame chart. Source: xStation 5

On the US dollar index chart, we can see that the price has broken above the lower bound of the consolidation and that the 50 and 200 period moving averages are about to cross (“death cross” pattern), indicating the possibility of a new bearish momentum.

Dollar Index, 4 hours time frame chart. Source: xStation 5

JPY is leading the losses this trading session.

Heatmap. Source: xStation 5

Henrique Tomé, XTB Portugal

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