EUR/USD Should be watched closely
Updated
The Eur/Usd has been in an elongated channel for the better part of half a year. This channel isn't inherently bearish, however the DXY has shown recent strength after breaking above old support and retracing over 4%.
We watch the EURUSD chart closely to see whether we break down from this channel which will probably mean a few months of bearish PA.
My prediction - We retrace upwards as the DXY cools down a bit, make a lower high before coming back and breaking down from the channel - heading to 1.04.
We watch the EURUSD chart closely to see whether we break down from this channel which will probably mean a few months of bearish PA.
My prediction - We retrace upwards as the DXY cools down a bit, make a lower high before coming back and breaking down from the channel - heading to 1.04.
Note
Although we didn't get a retrace, EUR broke down below the channel. We are bearish now, however in the short/mid term there could still be a small retracement.
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