The last few weeks have been relatively calm for the Euro against the US Dollar. The major forex pair continues to trade near this year's highs, but with difficulties.
Monthly Time Frame Chart
On the monthly chart, we can see that the price is getting closer and closer to the 50-period exponential moving average (EMA) which should be the main obstacle to the bulls.
Monthly Time Frame Chart. Source: xStation 5
1-hour time frame chart
Furthermore, on the 1-hour time frame chart, we can see that the price in fact is having difficulties to breakout of the current range. Besides that, considering the current situation in the pair, we can see that the current range is important in dictating the next big move.
1 hour-time frame Chart. Source: xStation 5
Henrique Tomé,
XTB Portugal
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