FullTimeTrader

DXY-another way to look at the EURUSD

INDEX:DXY   U.S. Dollar Index
673 11 12
I must admit im confused with the EURUSD             , im re-analyzing and reconsidering my charts again.

Right now i dont have an answer. All i know for sure is that more USD weakness is coming next weeks. The USD index can give us a clue (its a pity my broker does not have it).

We know the EURUSD             and the USD index are inverse correlated, almost like a mirror.

This chart alone looks very bearish to me. We have price rejecting strongly from the 0.61 fib retracement and most probably will reach the targets shown on chart.

From the EW perspective it could be forming an ugly leading diagonal , a 5-3-5-3-5 structure.

Right now its late for an entry, i just wanted to share this chart with the community.

Happy weekend
It Looks Like A Possible Bull Pendant........89.54 could be a support level
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ForexFriend PRO ForexFriend
CORRECTION.......................BEARISH PENDANT
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FullTimeTrader ForexFriend
hello, for a pennant to be valid the projection should be valid also. Pennants works fine when the rally is starting and the pole is "straight". This DXY is extremely overextended and i doubt it could reach and exceed las highs to meet the pennant target. Drawing a channel does not mean it is a valid pennant.
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Hi bro. i dont think we should be confused by current outlook in DXY and EU because its pure corrective in nature (may be WXY formation) but who cares, lets just let it complete correction and give us entry above/below the channel lines on daily close and we will decide where to go.. Thanks for sharing thoughts (Y)
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FullTimeTrader Elliottician_SamRoy
Hello, that was my first and only scenario for las 2-3 months but the panorama has changed and it is not as simple now. Theres is also an alternate scenario that considers the DXY reached a top, will make a slow decline next months and any rally after that will not reach previous highs. This chart considers that panorama. As traders we should have an alternate plan.
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Elliottician_SamRoy FullTimeTrader
right :)
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You've seen the power of channels, another one for you ;)
So now the dollar has topped? First long then short.
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FullTimeTrader Yahia.Awes
Hello, thanks for sharing your view. regards.
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Yahia.Awes FullTimeTrader
Monthly
snapshot

Weekly
snapshot

Daily
snapshot
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Yahia.Awes Yahia.Awes
Monthly bearish div on its way that would be yummy
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what about this one
USD Index- Bigger Picture
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