chriswbailey
Long

DXY - Consolidation, not reversal.

INDEX:DXY   U.S. Dollar Index
Here we can see the DXY             daily chart .

As you can see we have a strong support area marked by the blue box, price last week came down to this point which is also confluent with the daily trend line which you can see on the chart.

You can see by the daily candle marked A we have a hammer candle, which often signals a bullish reversal of price.

If you study the same area on EURUSD             , we have a similar situation, price has moved up to the daily trend line confluent with the 61.8 fibonacci level.

Fundamentally the eurozone is still a mess regardless of data releases.

I expect to see the dollar print another HH before a possible reversal is seen.

Please comment with thoughts if you like.
English
English (UK)
English (IN)
Deutsch
Français
Español
Italiano
Polski
Türkçe
Русский
Português
Bahasa Indonesia
Bahasa Melayu
ภาษาไทย
Tiếng Việt
日本語
한국어
简体中文
繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out