USD Index Bearish Outlook Price Action Analysis
Updated
Hi everyone:
As we can see the current EURUSD price action is pushing to the upside, manage to still hold onto the 2 positions I have.
We know DXY will have inverse price action like EURUSD, so lets take a closer look now.
After the strong bearish move down on the higher time frame, price naturally needs to correct for a period of time if we are going to see further downside from the price.
We can see price started to form the higher time frame flag/channel correction, correcting within.
Latest price is started to give us more positive confluence for a bearish outlook. There is a clear few swing highs and lows of the price, with a double tops.
On the lower time frame price once again formed an ascending channel reversal, reverse down from the double tops, and top of the HTF structure.
We then see a clear bearish impulse pushed down, and continuation correction was form on the lower time frame.
Be on the look out for further downside price action next few days to push the price down to the lows.
thank you
Note
higher time frame:
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