EUR/USD technical analysis: attempting to recover

Today's session is relatively quiet, with the market showing weak signs of liquidity. The european session was relatively quiet as well.

However, it appears that the euro is trying to recover against the US dollar during today's session.
Let's take a closer look at the EUR/USD pair.

4-hour time frame chart analysis.

On the 4 hour chart, we can see that buyers are trying to regain control over the price and we may be seeing a chart pattern - inverted head and shoulders.

The neckline is marked by the red rectangle and once it is broken higher, the gains could intensify further.

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

Daily chart analysis (D1)

On the daily chart you can see that buyers are increasingly trying to gain ground. It should also be noted that the target of the chart pattern coincides with the 50 period EMA in this time frame.

EUR/USD, daily chart. Source: xStation 5

On the other hand, the Dollar Index (DXY) continues to give signs of bearish pressure and may support the upside trend in the EUR/USD.

USDIDX, Daily chart. Source: xStation 5

Due to the lack of volatility, the major currencies are trading mixed.

Source: currency-strength.com

Henrique Tomé, XTB Portugal

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