Today's session is being marked by a slight improvement in market sentiment, after Friday's session was frankly negative for equities and the euro.
The euro is once again trading below the parity against the US dollar, and remains under pressure while equities sell-off.
This will also be an important week for EUR/USD, as the US labor market data will be released on Friday with the release of the NFP report.
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Daily Time Frame Chart
On the daily chart, we can see that the pair is just over 20 pips away from this year's lows.
If sellers manage to break below this zone, the bearish movement could intensify further and the euro could hit a new low this year against the US dollar.
EUR/USD, 4 hours time frame chart. Source: xStation
On the 4-hour chart we can see that the price ended up making a fake breakout (yellow circle) near the lower boundary of the structure.
At this point, the price has returned to being traded within the structure and in case the sellers regain control of the price, the downward movement could intensify again.
Daily Time frame chart. Source: xStation 5
Despite all the bearish pressures, during this session, EUR is leading the gains.
Source: currency-strength.com
Henrique Tomé, XTB Portugal
