EURUSD - DXY Weakness Potentially Fading
The DXY has been showing strong weakness as the forex major non-US pairs moved significantly higher on Thursday and Friday. Continued DXY weakness seems to be the market vibe for now though that may change within the next 24 hours. Currently there are no high volatility economic events to take place today for Europe or for the United States, except for the ECB President Lagarde's Speach, this may potentially bring fundamental strength for the Euro tonight.
Technically non-US fx majors may be nearing overbought as the DXY becomes oversold. The 4 hour RSI nears overbought for the EURUSD and oversold for USDCAD, bollinger bands also show this, MACD momentum maybe starting to slow the bearish trend for the DXY. I will be waiting for long strength in the DXY, it still seems early now. Above median bullish volume is showing for GBPUSD and EURUSD aiding in the bearish DXY trade. Above median bearish volume is also showing for USDCAD.
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