Last week was marked by a deterioration in the overall market sentiment, which ultimately led to declines in indices and gains in the US dollar.
The USD is once again benefiting from the current risk-off sentiment in the markets, but is there room for further bullish movement?
EUR/USD at 4 hours time frame chart
Source: xStation 5
USDIDX
When we analyze the chart for the EUR/USD pair, we are unable to identify any technical signals that indicate whether the pair can or cannot continue to depreciate.
However, upon analyzing the US dollar index using technical analysis, we can observe that the price is currently testing the neckline zone of a double bottom chart pattern. This could potentially assist the USD in reclaiming some lost ground, particularly against the euro.
Source: xStation 5
Henrique Tomé,
Analyst at Portugal
US OPEN: Wall Street Shrugs Off Iran Concerns, Eyes Tesla Results
Economic calendar: Central bankers speeches and Tesla earnings in focus
Warsh before the Senate: “I will not be a tool of the president” and signals Fed reform agenda
BREAKING: U.S. sales above expectations!
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
