EUR / USD remains sideways

Today's session started with a relative weakness of the US dollar (USD), however, the USD is trying to recover against fx major, and even GOLD is under pressure while the US dollar is getting stronger.

If we take a look at eur/usd on the 4 hour time interval chart, we can see that the pair is trading sideways in the last 4 sessions after the breakout of the falling wedge. In addition, we can also see that the EMA 24 (orange line) is supporting the pair very well.

This range of consolidation may be interesting to follow, as the pair breaks above (or below), it may cause a further momentum in the price.

Eur/usd, 4 hour time frame chart. Source: xStation 5

On the other hand, if we take a look at the US dollar index (USDIDX), we can see that the price recently broke an Rising Wedge, which can tell us that the bearish leg is not over yet.

USDIDX, 4 hour time frame chart. Source: xStation 5

GBP is the best performing major currencies while CAD and NZD lag the most

Source: currency-strength.com

Henrique Tomé, XTB Portugal

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Forex

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