EURUSD → Attempting a trend change. It could be successful

EURUSD breaks local correction resistance which could be a confirmation of a trend change amid dollar weakness due to weak policies

snapshot

On the senior timeframe we can clearly see the inverse correlation, when checking the support in DXY the currency pair forms a breakout of resistance and heads towards the 200-day moving line. This line will be tested and broken in the near future, as there are prerequisites for a bullish trend change in the market. The potential target in this case is the resistance at 1.0945.

On the local timeframe we see a breakout of the local channel resistance. The nearest important level 1.0759 separates us from the official bullish trend. I expect a breakout of this level and further growth. The SMAs on H1 formed a golden cross earlier, and the news background of EURUSD is bullish, therefore, we should expect a bullish trend and growth in the medium term.

Support levels: 1.069, previously broken channel resistance
Resistance levels: 1.0759


I expect a retest of 1.0759, a small correction and subsequent break of resistance with further growth to the above targets

Regards R. Linda!
Ascending ChannelBeyond Technical AnalysisDescending ChannelDXYEURUSDFibonacci RetracementFLATFundamental AnalysisTechnical IndicatorsresistasnceTrend Line BreakZigzag

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