euro strength, dollar weakness forecast The euro was heavily fundamentally affected in recent weeks by war conflict, and USD remained the safe haven against the currency, bringing price back under 1.10.
Last week saw some corrective behaviour back to the upside on the lower time frames, breaking certain points of internal structure and then breaching swing points and hourly supply zones.
Interesting potentials for EU this week!
Bearishdxy
Bearish DXY move to 93.5???Just as previous stated in the previous analysis:
-I was expecting price to make make a bullish retracement and test the former neckline/area of support.
-Price found some bullish momentum and tested this area which is now acting as resistance.
-Also price retraced and is now respecting the 61.8 Fibonacci level.
-This also give indication that price is ready to make a bearish push.
I am expecting price to drop possibly to 93.5 area.
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DXY Opportunity to buy the rectracement. Overall Bearish Bias!My overall bias is bearish. But here is a chance to go long.
-Price met and respected the Supply zone/Resistance several times.
-ultimately it formed a Triple Top (which is a bearish candlestick pattern).
-Price then broke the neckline/BOS confirming price is now in a downtrend.
-Price then found some support around the 94.75 area and appears to be making a double bottom on the 4hr time frame.
-At this point price appear that it is ready retrace and test the neckline (former support level) which will now act as a form of resistance.
-Also drawing the Fibonacci from the last top to where price now has found support and began to retrace, you will see that the neckline also aligns with the 50.0 fib level making a retracement to this area likely.
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Bearish DXY? I am seeing some bearish pressure on the DXY.
Originally price found support at the monthly/weekly demand/support level.
Price was making a higher highs and higher lows.
Price then met resistance at the daily supply/resistance level and began it's bearish move to the downside.
I can potentially see price trying to make one last push to the upside. I think this last bullish attempt will create a lower high, which can confirm the bearish momentum.
I can see price continuing downward and testing the 61.8 fib level.