In the past month, the EUR has been on in a strong bullish trend after confidence in the EURO has been restored by ECB, Trump and outcome of the French elections. On the other hand, the USD has been retracing after its strong bullish run earlier this year.
With EURUSD currently trending at a 6-month high and higher than post elections is it possible that EURUSD is going to see a reversal in the shown area on the chart? This bearish possibility stems from the fact that EURUSD will coincide with the 0.7/0.8 fib retrace and face a trend resistance which could result in a possible turn for a down leg.
On the other hand DXY is technically signalling more weakness in the USD.
Safe and Successful Trading!
With EURUSD currently trending at a 6-month high and higher than post elections is it possible that EURUSD is going to see a reversal in the shown area on the chart? This bearish possibility stems from the fact that EURUSD will coincide with the 0.7/0.8 fib retrace and face a trend resistance which could result in a possible turn for a down leg.
On the other hand DXY is technically signalling more weakness in the USD.
Safe and Successful Trading!