Today's session is proving relatively calm as the economic calendar is largely empty with no major macro data to be released and investors are still digesting the news surrounding the new omicron variant.
Although the stock market is recovering and the commodities are still divided, with oil recovering while natural gas deepens the declines.
On the forex market side, we see that the situation is relatively calm.
The EUR/USD pair has remained practically neutral so far, but the situation in the main currency pair could change if we consider the following technical points.
Technical Analysis - 4 hour time frame chart
Analyzing the pair according to technical analysis and through the 4-hour chart, we see that we may be seeing a reversal chart pattern - inverted head and shoulders. In addition to the chart pattern, you can also see that we are facing a downtrend line.
In case buyers manage to cross the downtrend line, the bullish movement could intensify.
EUR/USD, 4 hours time frame chart. Source: xStation 5
1 Hour time frame chart
On the 1-hour chart we can see that the downtrend line is being reinforced by the 50-period exponential moving average (EMA).
1 hour time frame chart. Source: xStation 5
US dollar Index (USDIDX)
Although the US Dollar Index has not yet reached the technical target of the pattern, a bearish correction may emerge before the bullish move continues.
USDIDX, 4 hours time frame chart. Source: xStation 5
During this session, the AUD leads gains.
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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