The pair EUR/USD has been trading lower recently. However, in Friday's session the pair managed to reach the technical target of the chart pattern - double top - and since then it has been recovering part of the losses.
This week will be marked by the release of the NFP report and should cause periods of high volatility in the EUR/USD pair.
Technical Analysis - Daily Time Frame Chart
On the daily chart we managed to notice the pair's reaction after it hit the double top’s target.
EUR/USD, daily time frame chart. Source: xStation 5
1 Hour time frame chart
If we look at the pair over a shorter period of time, we see that in addition to the technical target that was hit, the pair also managed to break above the downtrend line.
At the moment, buyers are trying to regain price control near the 50-period EMA and this zone could be a trigger for a further bullish momentum in the pair.
1 hour time frame chart. Source: xStation 5
US dollar Index (USDIDX)
On the other hand, on the weekly chart, we see that the head and shoulders technical target has not yet been reached and therefore we should continue to expect a strong US dollar in the medium to long term.
USDIDX, Weekly time frame chart. Source: xStation 5
During this session, the AUD leads the gains during today's session
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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