The EUR/USD is ready for a retrace (down)
Updated
The U.S. Dollar Index is ready to move up again, what will send the EUR down.
U.S. Dollar Index:
- Bullish div on the RSI and momentum wave.
- The price breaks out of a channel
- The RSI breaks out of a channel
EUR/USD
- strong bearish div on the RSI and momentum wave
If EUR/USD breaks down from the channel it will set the way for a retrace down.
A strong Dollar will also send the SPX down, what would make sense.
U.S. Dollar Index:
- Bullish div on the RSI and momentum wave.
- The price breaks out of a channel
- The RSI breaks out of a channel
EUR/USD
- strong bearish div on the RSI and momentum wave
If EUR/USD breaks down from the channel it will set the way for a retrace down.
A strong Dollar will also send the SPX down, what would make sense.
Note
The EUR/USD pair has broken the channel. This opens the way to the downside. A big shift in trend is in sight.
Note
Still on track. Patterns take time to play out. Only the higher charts are really predictable.
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