Unlike the DXY, EURUSD has broken above the upper boundary of its 17-year descending channel. However, further upside may be capped as the DXY retests its 17-year support and monthly RSI retests 2020 overbought levels.
A clean break and hold above 1.1830 could open the path toward 1.20 and 1.24. On the downside, if the pair pulls back below 1.17, support levels at 1.14, 1.12, and 1.10 may come into play — aligning with the former channel resistance, now acting as support.
- Razan Hilal, CMT
A clean break and hold above 1.1830 could open the path toward 1.20 and 1.24. On the downside, if the pair pulls back below 1.17, support levels at 1.14, 1.12, and 1.10 may come into play — aligning with the former channel resistance, now acting as support.
- Razan Hilal, CMT
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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.