The pair eur/usd has been trading sideways for several weeks. However, recently some evidence has started to emerge that may suggest a potential recovery of the euro against the US dollar.
Daily time frame chart.
In the daily time frame, we can see that the buyers regained control of the price near the lower limit of the range, close to 1,036. As long as the price remains above this zone, we cannot exclude the possibility of a further recovery in the strength of the euro against the US dollar.
EUR/USD, Daily time frame chart. Source: xStation
1-hour time frame chart
When we are analyzing a shorter period of time, we can see that some signs are beginning to emerge that may show that the buying force may soon resume.
The inverted head and shoulders chart pattern could be the trigger for a new bullish momentum in the pair.
However, the lack of liquidity today, due to the US holiday, may affect this structure in the short term.
EUR/USD, 1 hour time frame chart. Source: xStation 5
USDIDX - Daily time frame chart
In the US dollar index, the price retested this year's highs and again showed signs of weakness.
This scenario ends up supporting a possible recovery in the EUR/USD pair if sellers regain control of the price at current levels.
USDIDX, Daily time frame chart. Source: xStation 5
During this session, AUD is leading the gains!
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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