As we're opening the market , it opened with a gap lower and broke the counter trend line to the downside.
The next scenario is if we closing the next 4 hour under the counter trend trend line, we could sell the US dollar till the purple support i marked (around 99.45)
Let's see what it could happen from that moment. We're seeing three pro arguments: 1) it's going down to the long trend line the go higher 2) Some States are opening after this Memorial Day 3)it's making a new support line (purple line)
BUT
There are some dangerous fundamentals also to watch after monday: like house selling prices, jobless claims, non defense sells etc.
I am suggesting that those prices won't be optimistic, but it could be better than forecast If not, we're still witnessing that some States are opening so that's stilll energic for the Dollar.
In a nutshell, we will see if it breaks the long trend line, if not , we could go higher.
Have a nice trading week and share your thoughts what your think about the US dollar this week.
I always analyse the DXY to know what it will happen with all the pair currencies (that's my mindset to start the trading week )