Euro's Recovery Against the Dollar: A Temporary Uptrend?

The euro has managed to recover against the US dollar since it hit the support zone marked by 1.072. However, the upward movement later slowed down after the price tested the resistance zone of 1.088, which marks the highs from the beginning of February.

At this moment, the pair might be about to start a new movement. If we observe the chart, we can see that bears are trying to regain control of the price at the lower limit of the channel.

In this case, we should not exclude the possibility of a new downward movement if the price continues to be traded below the technical structure.

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

When analyzing the US dollar index, we can see that the scenario of a stronger dollar also seems likely.

The index continues to maintain an upward price structure and recently tested the support zone (marked by the blue line), where the price has managed to gain some strength, at least in the short term.

USD index. 4 hours time frame chart. Source: xStation 5

Source: Currency-strength

Henrique Tomé,
Analyst Portugal

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Forex Technical analysis

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