EUR/USD loses momentum

Today's session is being marked by a deterioration in market sentiment which is supporting the recovery of the US dollar against the major currencies.

EUR/USD - Daily time frame chart

During the morning, bulls tried to break above the resistance zone marked by 1.045, but without success.

EUR/USD, D1 time frame chart. Source: xStation 5

However, it is important to note that the bulls managed to break the downtrend line that has been putting pressure on the EUR against the US Dollar throughout this year.

The current pullback could still give room for the formation of the right shoulder of the chart pattern - inverted head and shoulders.

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

JPY is leading the gains this session.

Heatmap. Source: xStation 5

Henrique Tomé, XTB Portugal

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Forex Technical analysis

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