EUR/USD: U.S dollar is losing ground at the start of the week

Today's session is relatively quiet, with the market showing weak signs of liquidity.

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 - Falling Wedge.
The upper bound of the structure (falling wedge) has already been broken as well as the 50 period EMA and the bullish momentum could intensify further if buyers continue to hold or control the price.

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

Daily chart analysis (D1)

On the daily chart we can see that the bearish momentum has been slowing down as the price approaches March lows.

EUR/USD, daily chart. Source: xStation 5

On the other hand, the Dollar Index (DXY) starts to show signs of slowing down as well. Besides that, we were still able to identify a structure that could intensify the declines if it breaks down. We can detect a rising wedge near the resistance zone at 93$.

USDIDX, Daily chart. Source: xStation 5

The Pound (GBP) is the best major performer, while the US Dollar is the worst performer among the fx majors.

Source: currency-strength.com

Henrique Tomé, XTB Portugal

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Forex
Technical analysis

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