EURUSD has been in a clear downtrend during the past few weeks.
Inversely correlated with DXY, a bullish DXY move is a corresponding bearish EURUSD move.
After the rejection of the H4 level, we can expect more sell sides to this pair. But should take a sell just yet?
Price can come back to the 1.18300 area, create a higher low there, and bounce off to begin a new uptrend.
We would expect price to break this level, and come back to create a lower high to continue taking sells to create new lows.
Inversely correlated with DXY, a bullish DXY move is a corresponding bearish EURUSD move.
After the rejection of the H4 level, we can expect more sell sides to this pair. But should take a sell just yet?
Price can come back to the 1.18300 area, create a higher low there, and bounce off to begin a new uptrend.
We would expect price to break this level, and come back to create a lower high to continue taking sells to create new lows.
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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.