The beginning of the week is being marked by volatility in the markets.
The stock market extends the week's declines, as the US dollar rallies and pressures all fx majors.
Technical Analysis -Daily time frame chart
On the daily chart, we can see that all the recovery movement of the EUR/USD pair ended up being nullified over the last few sessions. Although the price has been consolidating for 1 month, the buying force was not strong enough to trigger a change in the trend of the pair.
At this point, we can see that the price is trading in an ascending channel again. Although it is an ascending channel, it is often used to argue for the continuation of the main trend - downtrend.
EUR/USD, Daily time frame chart. Source: xStation 5
4 hours time frame chart
On the 4-hour chart we see that the price is currently testing the bottom of the channel. Early price reactions have been supported by buyers, however, in case sellers manage to resume the downtrend, losses could extend towards the relative low near 1.11851.
4 hours time frame chart. Source: xStation 5
During this session, USD leads gains.
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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