EUR/USD tests an important key point

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

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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