EURUSD to test lower before any sustained breakout above 1.172
As you can see from DXY chart (blue line chart overlay) and EURUSD, they are looking to converge. I believe EUR is in an ascending wedge pattern with bearish diversion on higher time frames, while DXY is in a descending wedge with bullish diversion, equally on higher time frame.
The dollar recently got some bullish news in the form of tariffs that will be imposed by Trump. This should keep demand for DXY and support has held thus far.
I'm expecting EUR to test, at a minimum the 50% fib, or around 1.153 before any big bounce. A bigger DXY rally to 95.3 could cause EUR to drop down to its 61.8% fib level. My ultimate TP for EUR is 1.445 if everything falls in line.
The dollar recently got some bullish news in the form of tariffs that will be imposed by Trump. This should keep demand for DXY and support has held thus far.
I'm expecting EUR to test, at a minimum the 50% fib, or around 1.153 before any big bounce. A bigger DXY rally to 95.3 could cause EUR to drop down to its 61.8% fib level. My ultimate TP for EUR is 1.445 if everything falls in line.
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