The EURUSD is at a top going back years. Examine all three of the points where it touched this top trend line, the first two were rejected outright with immediate down moves. This Third time the price action at the top is different. It is lingering and may breakout through the top, time will tell. Because of this topping price action, and the political pressure for the EURO to rise, as well as Trump's expressed desire for a weaker Dollar, I am expecting the EURO to strengthen and breakout. Watch the topping action for signals of a continuation move, probably a breakout followed quickly by a retrace (hook and go). Good luck ALL!
Comments
pimfx
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what is the name of the software that you use for analyze the graphics, what software trace that lines?
waterman
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Euro will fall down by the same Trump,as he threten to impose import tariff on german goods. See EU called the first shots by fining google, facebook which are USA itself. I am short.
Melchizedek
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@waterman, You may well be correct at this point. But I am focused on the candle patterns at this critical juncture, and they are not BOUNCING down yet, as they have the two previous times, and THAT is an anomaly worthy of consideration. Good Luck to you! Thanks for your comment!
Melchizedek
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@waterman, From Reuters TODAY (Just FYI) "The U.S. dollar index, which measures the greenback against a basket of six major currencies, declined about 4.6 .DXY percent for the second quarter to mark its steepest quarterly percentage drop since the third quarter of 2010.
The euro accelerated more than 7 percent against the greenback for its biggest quarterly percentage gain since the third quarter of 2010. The euro racked up about 2 percent of its gains and the dollar index posted about 1.6 percent of its losses this week alone. The dollar gained about 1 percent against the Japanese yen over the quarter. "
Rick_69ro
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Good point indeed. Thanks
Melchizedek
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@Rick_69ro, You're welcome, and I hope all goes well with you.