Today’s session is relatively quiet because few markets in Europe (Germany, France, Switzerland) are closed for holiday and also a public holiday in Canada (Victoria Day).
During this session we can see that the euro has recovered against the u.s dollar. After the price formed a chart pattern - double top. But the chart pattern ended up not being executed.
The bullish momentum has recovered and the price is again approaching the upper limit of the double top.
However, there are risks that investors should keep in mind. There is a risk that the current trading zone could become a consolidation zone if the bullish momentum remains weak as it approaches the upper limit of the structure.
Eur/usd, 1 hour time frame chart. Source: xStation 5
If we look at the US dollar index (USDIDX), on a 4 hour time frame chart we can see that the price has been traded in sideways.
USDIDX, 4 hours time frame chart. Source: xStation 5
NZD is the best performing major currencies while CAD lag the most
Source: currency-strength.com
Henrique Tomé, XTB Portugal
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