Dollar just keeps dropping, however I just can´t ignore that formed wedge and big bullish divergence on RSI. HOWEVER, the problem is, that the majority is now VERY bullish on dollar, because everybody see, that we are majorly oversold and when I check sentiment data on EUR/USD, I was surprised, that 75% of traders are in SHORT on EUR/USD - so only 25% of traders believe, that this downtrend on dollar will continue. And majority is usually wrong, so that would mean, that dollar will continue in downtrend, despite the bullish signs.
I will definitely stay bearish on dollar, first I want to see, that DXY close above both 21 MA and then I may bet on breaking that wedge. But even if we break out of that wedge, the uptrend will very likely be short lived, this uptrend wave should be only part of 4th wave, then we should continue in downtrend.
I will definitely stay bearish on dollar, first I want to see, that DXY close above both 21 MA and then I may bet on breaking that wedge. But even if we break out of that wedge, the uptrend will very likely be short lived, this uptrend wave should be only part of 4th wave, then we should continue in downtrend.