A HnS formation is forming after the price was rejected by a falling trendline.
Although we have witnessed a major retracement from the dollar last week, a huge portion was recovered on the last trading day.
The dollar index managed to close with a bullish candlestick after a failed double top.
Let's not forget that the dollar is still the dominating currency in terms of the current diverging monetary policies that every major central bank is adopting compared to a hiking Fed.
As long as EURUSD does not break above 1.1420, the probability of a successful HnS will be high, which may even lead to the breaking of a new low.
Although we have witnessed a major retracement from the dollar last week, a huge portion was recovered on the last trading day.
The dollar index managed to close with a bullish candlestick after a failed double top.
Let's not forget that the dollar is still the dominating currency in terms of the current diverging monetary policies that every major central bank is adopting compared to a hiking Fed.
As long as EURUSD does not break above 1.1420, the probability of a successful HnS will be high, which may even lead to the breaking of a new low.
Note
The selling structure is somewhat distorted and may not favour the bear as much. But if the price called hold off 1.1430, EURUSD still has a good chance to fall towards 1.13.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.