Last week was marked by a strong recovery in risk assets, which ended up weakening the US dollar against the main currencies, especially against the euro.
The EUR/USD pair finally managed to break above the downtrend line that has been putting pressure on the pair since the beginning of the year.
EUR/USD - Daily time frame chart
On the daily chart, we can see that the price is currently testing the trendline. This area coincides with the 50-period exponential moving average. If the bulls manage to regain control of the price at this level, a new bullish movement could return very soon.
EUR/USD, D1 time frame chart. Source: xStation 5
On the 1-hour chart, we can see the current situation in more detail. In addition to the previous arguments, it also appears that the price is forming a structure in which it is conditioning the bullish move.
If a break above that zone occurs, then bullish momentum could intensify in the short term.
EUR/USD, 1 hour time frame chart. Source: xStation 5
USD is leading the gains this morning.
Heatmap. Source: xStation 5
Henrique Tomé, XTB Portugal
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