EUR/USD tests an important key point

4:39 PM 3 October 2022

Today's session is being marked by an improvement in market sentiment. Risk assets are recovering, while the US dollar retreats.

Daily Time Frame Chart

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On the D1 chart, we can see that the current bullish recovery of the EUR/USD pair continues this Monday.

Although the price has not tested the lower boundary of the channel, buyers are managing to regain control of the price.

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

EUR/USD 1-hour time frame chart. Source: xStation 5

On the 1-hour chart, we can see that right now the price is testing an important resistance zone in which is marked by the upper limit of the current structure - the pennant.

In case buyers manage to break above this obstacle, the bullish move could intensify further.

Nevertheless, it is important to note that medium- to long-term market sentiment remains bearish, putting the EUR/USD pair at risk of further declines.

NZD is leading the gains at this moment.

Heatmap. Source: xStation 5

Henrique Tomé, XTB Portugal

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