Last week we saw a strong devaluation of the USD against the majors currencies pairs, however, at the end of the week the USD ended up recovering part of the falls.
While today's session could become slightly less volatile as it is a US holiday, the EUR/USD pair is starting to show signs of recovery as buyers are able to regain control of the price near an important zone.
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Despite this session being marked by the recovery of the USD, we can see that buyers are managing to regain control of the price after the price tested the downtrend line in which it was broken during the past week, together with the previous one. range that kept the price consolidating for more than 1 month.
EUR/USD, Daily time frame chart. Source: xStation 5
15’ time frame chart
On the other hand, through the 15 minute time frame, we can see that the price has been consolidating over the last few hours. Buyers have regained control of the price near the bottom of the consolidation which coincides with the downtrend line identified on the daily chart.
As long as buyers are able to maintain control of the price, a bullish rally towards the upper limit of the range cannot be excluded.
15’ time frame chartt. Source: xStation 5
During this session, CAD leads gains.
Source: currency-strength.com
Henrique Tomé, XTB 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.
