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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.
Long
by ColmoreFX
EURUSD - Monthly AnalysisRecent price action: Bearish Pattern: Potential head and shoulders Long-term momentum: Bearish Short-term momentum: Bullish Bias: Short Action: Stay in the trade until price hits weekly support then close the position. Price needs to correct and find a area of resistance. Only after there is a strong bounce off that level consider taking short positions again. Comments: Closely correlated with DXY index. Price is forming a inverse and and shoulders. If the pattern completes there I expect EURUSD to follow.
Short
by tradingwithyg
DXY - Weekly Chart AnalysisRecent price action: Bullish Pattern: Potential inverse head and shoulders. Long-term momentum: Bullish Short-term momentum: Bullish Bias: Long Action: Ride current U.S. trades to weekly resistance, sell, then rebuy after price finds support again. Would be nice for price to retest 29 EMA for support. Comments: Price is finally trading above all EMA’s. Price is approaching an area of resistance that has held almost one year (late June/early July). There will definitely be a rejection there, but after price finds support, continue the buying.
TVC:DXYLong
by tradingwithyg
DXY - Monthly Chart Analysis, Potential 10% MoveRecent price action: Bullish Pattern: Potential inverse head and shoulders. Price would have to reject off weekly resistance, find support near daily support, and move back above weekly resistance. Price has also broken out of its corrective phase. Long-term momentum: Bullish Short-term momentum: Bullish Action: Ride current U.S. trades to weekly resistance, sell, then rebuy after price finds support again. Would be nice for price to retest 29 EMA for support. Comments: Looks like strong bullish momentum. I would like to see price test monthly support by end of year if momentum holds. That would equate to roughly a 10% move.
TVC:DXYLong
by tradingwithyg