DXY weakness initiated a strong bullish trend on EURUSD from this year's spring.
Weekly time frame shows that the price is very close to a major weekly resistance cluster. 2018th structure high will be an important decision point for the pair. Bullish violation of that will signify a major shift in a market trend and initiation of a long term bullish trend on EURUSD.
In case if the resistance is respected, we may expect a bearish wave all the way down to the support of the 5 years' weekly range.
With the complex fundamental situation and uncertainty with covid, it is hard to say what will happen. However, we can not deny that in dark times money flows to dollar. So I will stick to a bearish scenario.
What do you think will happen?
Share your thoughts in comments and support the idea with like!
@gavinoffer USD has been long devalued...USD strength might take place as early as the first week of the new year
sailor0427
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you think USD will increase as the treasury prints more and sends it out as a stimulus? Or is that the kind of thing that devalues the dollar?
Coffin1
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@sailor0427, dollar has been oversold for years, just because we are printing money doesnt mean other countries arent as well if not more than we are
sailor0427
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@Coffin1, This is true and the USD suffers an average loss greater than 2% annually. It’s why grandpa is always like “Stuff costs more than it used to… uphill both ways...“
the last resistance level also took about 4 months to go higher.