This is a major test for USD bulls. This TL has been holding since 1985. You can see the price dipped below Nov 2016 which preceded the EUR rally of 2017.
If this TL is broken, I expect a big follow through. Breakouts of other USD pairs on the monthly chart add some conviction that this is possible.
Brexit in the UK, pending recession in Germany, riots in France... They always throw a nice narrative in.
Not a lot of fundamental reasons to buy EUR, same as 2017.... Just a technical bounce imo...
EUR bulls are going to have to step up to the plate sometime soon.
If this TL is broken, I expect a big follow through. Breakouts of other USD pairs on the monthly chart add some conviction that this is possible.
Brexit in the UK, pending recession in Germany, riots in France... They always throw a nice narrative in.
Not a lot of fundamental reasons to buy EUR, same as 2017.... Just a technical bounce imo...
EUR bulls are going to have to step up to the plate sometime soon.
