Euro remains under pressure

The new week started with a positive mood in the global stock market, while the USD tries to recover the latest bearish movements against fx majo. Meanwhile, the Eur is one of the worst performers in relation to other currencies.

Today's economic calendar is relatively calm, however, Joe Biden's speech on the implementation of the new economic relief package at 17:45 will be the highlight of this session and might bring more volatility to the markets.

Looking at eur/usd on the 15-minute chart, we can see that the price has been trading mixed since the start of today's session.

Last week, we saw bulls trying to regain control of the price, but they are still struggling close to 50 EMA .
If bulls could break above 50 EMA, we could have a new bullish momentum towards the previous relative high. However, if the bears break below the previous low, we could see a deeper bearish correction.

EUR/USD, 15-minute chart. Source: xStation 5

Source: currency-strength.com/en/

Henrique Tome XTB Portugal

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Forex

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