Euro keeps losing momentum against USD

The pair EUR/USD has been penalized by the weak performance of equities last week, while the USD has been recovering as investors keep moving away from risky assets.

EUR/USD - 4 hours time frame chart

On the 4 hour time frame chart, we can see that bears managed to break below the lower limit of the structure (Rising Wedge).

As long as the price remains below the structure, the bearish scenario appears to be the most likely. However, it is also important to note that the first short-term support level is determinant for a new bearish momentum - the EMA 50-period.

EUR/USD, 4 hours time frame chart. Source: xStation 5

The dollar index stills showing signs of reversal trend, if the prices breaks above the downside trend line of the chart pattern.

Dollar Index, 4 hours time frame chart. Source: xStation 5

CAD is leading the gains this session.

Heatmap. Source: xStation 5

Henrique Tomé, XTB Portugal

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Forex Technical analysis

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