The beginning of this session is marked by an improvement in market sentiment, with equities recovering, while the US dollar is retreating slightly.
In the case of the EUR/USD pair, we are seeing signs of buyer strength again. The price continues to be supported by the support zone marked by 1.047, and at this moment, there are indications that the price may gain new upward momentum in the short term.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appOn the 1-hour chart, we can see that the price is being traded within a technical structure that has not been broken yet. If buyers manage to surpass the upper limit of the structure, then the upward movement towards the 1.06398 mark should not be ruled out.
1 hour time frame chart. Source: xStation 5
On the chart of the US dollar index and TNOTE, we can see that the divergence is increasing, which may lead to the belief that the US dollar could begin to depreciate soon.
TNOTE and USDIDX Daily time frame chart. Source: xStation 5
Currency Strength. Source: currency-strength.com
Henrique Tomé,
Analyst Portugal
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
