EUR/USD: Are the bulls ready to push euro higher?

Today’s session is marked by a strong recovery of the euro against the US dollar, following the good performance of equities which also reflects the risk-on sentiment among the investors. 

EUR/USD - 4 hours time frame chart

On the 4-hour chart, we can see that the bulls are managing to break above the range between 1.054-1.070 that could dictate new bullish momentum throughout this week.

EUR/USD, 4 hours  time frame chart. Source: xStation 5

On the other hand, on the US dollar index chart, we can see that the price is also breaking below the range, supported also by the 200 and 50 moving averages periods which continue to support the bearish sentiment.

Dollar Index, 4 hours time frame chart. Source: xStation 5

USD is leading the losses this trading session.

Heatmap. Source: xStation 5

Henrique Tomé, XTB Portugal