We have recently witnessed a recovery in the US dollar against major currencies pairs, with special attention to the EUR/USD.
Technical Analysis - Daily Time Frame Chart
On the daily chart we can see that the price has recently broken the neckline zone of the chart pattern - Double Top.
Although it has had difficulties in starting the bearish move, the pair continues to approach the technical target of the chart pattern.
As long as sellers maintain price control below the neckline zone near 1.17029, we can assume the main trend is down.
EUR/USD, daily time frame chart. Source: xStation 5
US dollar Index (USDIDX)
On the other hand, when we look at the US dollar index (DXY) chart, we can see that buyers are close to break above the Rising Wedge, which would invalidate the bearish scenario for the US dollar.
Given the current circumstances, we can assume that we are facing a transition phase if a bullish breakout occurs.
USDIDX, Daily time frame chart. Source: xStation 5
During this session, the CAD leads the gains during today's session
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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