EUR/USD shows signs of bearish pressures

During this trading session, the pair eur/usd showed again signs of bearish pressure.
Let's take a close look at the current situation on the main currency pair.

Technical Analysis - 4 hour time frame chart.

On the 4-hour time frame chart, we can see that the pair is in a correction phase, however, through technical analysis we can see that sellers are trying to break below the lower limit of the chart pattern - Rising Wedge - which is also supported by the Elliott wave cycle.

EUR/USD, 4 hours time frame chart. Source: xStation

USD dollar index (USDIDX)

Furthermore, when we look at the chart of the US dollar index, we can see that the pair remains in sideways. However, it is important to note that the short-term trend remains bullish.

This bullish scenario ends up supporting the bearish scenario in the EUR/USD pair.

4 hours time frame chart. Source: xStation 5

During this session, NZD leads the gains.

Source: currency-strength.com

Henrique Tomé, XTB Portugal

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