The end of last week turned out to be positive for the US dollar.
During that week there were several events worthy of note, the main highlight being the decision of the Fed when it officially started the tapering earlier this month. The markets were not indifferent to the announcement and, despite the appreciation of stock indices, the US dollar also took advantage of the momentum and again put pressure on the EUR/USD pair lower.
Let's take an in-depth look at the situation of the EUR/USD pair through technical analysis.
Technical Analysis - 4 hour time frame chart
Through the 4-hour chart we can see that during Friday's session, sellers retested October lows near 1.15235, but buyers quickly managed to regain control of the price.
While the euro continues to regain ground against the US dollar, the uptrend eventually eased near the downtrend line.
The bullish scenario could intensify once buyers manage to break above this hurdle. On the other hand, in case buyers fail to break above this hurdle, the bearish move may resume and a further bearish move towards the previous relative lows cannot be excluded.
EUR/USD, 4 hour time frame chart. Source: xStation 5
US dollar Index (USDIDX)
Looking at the US Dollar Index in a broader perspective (daily chart), it is possible to see that the index continues to trade in a chart pattern. Furthermore, it appears that buyers have recently tried to surpass the previous relative highs, but without success.
The close of the daily candle reinforces an eventual devaluation of the USD, which would support the bullish scenario in the EUR/USD pair.
USDIDX, Daily time frame chart. Source: xStation 5
During this session, the NZD leads the gains during today's session
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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