EUR/USD has been trading under heavy pressure over the past few weeks, however last Friday we started to see some recovery in the buying strength.
Technical Analysis - Daily Time Frame Chart.
On the daily chart we can see that the price has been trading lower for several weeks, however since Friday buyers have been trying to regain control of the price near the lower boundary of the channel.
Although this channel is to the downside, it is often used to justify a continuation of the trend and if we look at the longer term, the main trend remains bullish.
As long as the price remains above the channel's lower boundary, we can expect the bullish movement to last for the next few sessions.
In addition, the US Dollar Index (USDIDX) also supports the bullish scenario in the EUR/USD.
EUR/USD, Daily chart. Source: xStation 5
US dollar Index (USDIDX)
Looking at the US Dollar Index, the daily time frame chart, we can see that the buying strength has been slowing down after testing the upper bound of the structure (Rising Wedge).
At this point, the bearish movement has slowed down near the bullish midline (dashed line). Once a break below that zone emerges, the bearish move could intensify towards the lower boundary of the main structure - the Rising Wedge.
USDIDX, Daily time frame chart. Source: xStation 5
During this session, the CHF leads the gains during today's session
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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