EUR/USD remains steady while USD recovers

EUR/USD continues to move in sideways during the beginning of this week, even though the US Dollar continues to appreciate against the majors.

Technical Analysis - 4 hour time frame chart.

On the 4-hour chart, we can identify a consolidation zone in which the price is showing some difficulties in breaking below the lower limit of the range. 

However, it appears that buyers are capable of regaining the control of the price. Especially if we observe the behavior of the US dollar index, which is beginning to show signs of reversal, in which case, the upward movement in the eur/usd could materialize.

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

USD dollar index (USDIDX)

4 hours time frame chart. Source: xStation 5

During this session, USD leads the gains.

Source: currency-strength.com

Henrique Tomé, XTB Portugal