Is the Euro ready to recover against the US dollar?

3:05 PM 15 May 2023

The last week was particularly tough for the euro against the US dollar. The pair broke below the range that had lasted for over a month and the downside movement ended up intensifying.

4 hour Time Frame Chart

However, on the 4-hour chart, we can see that buyers are trying to regain control of the price as they approach an important support zone near the 1.08318 mark.

4 Hours Time Frame Chart. Source: xStation 5

On the weekly chart, we can see that the price continues to reject the neckline zone of the potential chart pattern, which supports the USD bearish scenario.

Weekly time frame Chart. Source: xStation 5

Henrique Tomé,
Analyst Portgal
Share:
Back

Join over 1 600 000 XTB Group Clients from around the world

The financial instruments we offer, especially CFDs, can be highly risky. Fractional Shares (FS) is an acquired from XTB fiduciary right to fractional parts of stocks and ETFs. FS are not a separate financial instrument. The limited corporate rights are associated with FS.
This page was not created for investors residing in Brazil. This brokerage is not authorized by the Comissão de Valores Mobiliários (CVM) or the Brazilian Central Bank (BCB). The content of this page should not be characterized as an investment offer in Brazil or for investors residing in that country.
Losses can exceed deposits