Financial markets have been quite volatile due to recent geopolitical uncertainties between Russia-Ukraine.
The stock market remains under pressure, while safe-haven assets such as gold and the Japanese yen (jpy) have benefited from the current circumstances.
On the other hand, the US dollar has also been recovering recently. The EUR/USD has been one of the most exposed to the recent US dollar rally.
Technical Analysis - 15 minutes time frame chart
Given all the volatility in the market, let's analyze the major currency pair through the 15 minutes time frame chart.
On the chart, we can see that the euro’s last bullish rally slowed near the resistance zone marked at 1.15, eventually causing the pair to fall again.
On the other hand, we should not rule out the possibility that the pair will recover slightly once the relative strength index (RSI) starts to show signs of oversold.
15 minutes time frame. Source: xStation 5
US Dollar Index (USDIDX)
With regard to the US dollar index (USDIDX), we can see that the index remains sideways and has again made a false breakout of the uptrend line.
As long as the index continues to trade sideways, it will become clear what the USD's next move will be.
Daily time frame chart. Source: xStation 5
During this session, JPY leads gains.
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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