0.382 fib at 1.05555 has served as support for Euro for almost a decade. Weekly bullish divergence on momentum along with 3 bottom signals on Cipher B around parity suggest a bearish backtest is coming.
Euro pump --> DXY correct/drift --> Opens up a buying opportunity for crypto and stocks. I am still long term bullish on DXY .
DXY does not look topped at all. DXY looked like it was forming a shooting star on Thursday. Then, the mega dump on Friday morning and partial recovery negated the shooting star. DXY might just drift around because of Yen weakness before another explosive move up.
Euro pump --> DXY correct/drift --> Opens up a buying opportunity for crypto and stocks. I am still long term bullish on DXY .
DXY does not look topped at all. DXY looked like it was forming a shooting star on Thursday. Then, the mega dump on Friday morning and partial recovery negated the shooting star. DXY might just drift around because of Yen weakness before another explosive move up.
Comment:
Euro really hasn't done much, but those weekly bottom signals are setting up for an explosive move to the upside imo. I saw the same thing happen with BABA a few months ago. Momentum coming up on the 4 HR. The only problem I have right now is that I can't find a support/fib/volume node at 1.0 on EUR/USD. Parity is an important level fundamentally speaking
Comment:
Alright so EURO got absolutely smashed as DXY continues to pound higher. I'm very stubborn, but I still believe a pump in EURO is coming. Watching out for that monthly hammer on Yen if there's more bullish continuation which will put bearish pressure on DXY. I didn't zoom out far enough, but there are fibs at ~0.95 for EUR/USD for potential support.