What's going on my friends. This is a quick analysis of the US Dollar and EURUSD.
Because Friday was NFP, and moves were heavily manipulated, I want to take it slow on Monday and let the market show me more sentiment.
On a 1H/4H structural basis on DXY, we are starting to get bearish. Demand did not hold and supply is currently in control. On a HTF basis, DXY is still bullish and we want more confirmation before trying to trade a top.
Since EURUSD is inversely correlated with DXY, it is the complete opposite bias. Inverse correlation means when DXY goes up, EURUSD goes down. It also means when DXY goes down, EURUSD goes up.
Price has broken 4H supply on EURSD and demand is currently in control.
Let's see what opportunity the market presents tomorrow morning for the NY session.
Cheers
Dilpreet
Because Friday was NFP, and moves were heavily manipulated, I want to take it slow on Monday and let the market show me more sentiment.
On a 1H/4H structural basis on DXY, we are starting to get bearish. Demand did not hold and supply is currently in control. On a HTF basis, DXY is still bullish and we want more confirmation before trying to trade a top.
Since EURUSD is inversely correlated with DXY, it is the complete opposite bias. Inverse correlation means when DXY goes up, EURUSD goes down. It also means when DXY goes down, EURUSD goes up.
Price has broken 4H supply on EURSD and demand is currently in control.
Let's see what opportunity the market presents tomorrow morning for the NY session.
Cheers
Dilpreet