EURUSD...WHAT NOW?
If we look to the DXY idea we expect USD weakness. The DXY is made up of 58% EURO. Which is why there's a heavy correlation between the Index and the currency pair.
If we expect USD weakness we must expect EURUSD to move higher, price is currently sitting at the key support much like the DXY sitting at the $95.00 resistance level. If price holds at this key level of 1.1600 price could see further upside into the key resistance of 1.2040. A break below will cement the USD strength moving forward.
Seasonally through July the USD usually sees weakness strengthening our idea for a retracement for the USD and EURUSD prices moving higher.
If we expect USD weakness we must expect EURUSD to move higher, price is currently sitting at the key support much like the DXY sitting at the $95.00 resistance level. If price holds at this key level of 1.1600 price could see further upside into the key resistance of 1.2040. A break below will cement the USD strength moving forward.
Seasonally through July the USD usually sees weakness strengthening our idea for a retracement for the USD and EURUSD prices moving higher.
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