EURUSD is in an upward price channel, but at the same time, the price is forming preconditions, which can change this trend. What to expect from the price?
Why an "up" scenario is possible: Price is in an uptrend while the dollar index is about to form a retest of support. If the Dollar falls, the EURUSD will make new highs accordingly. In that case, we can expect a breakout at 1.09830 and an increase to 1.107.
Why a downside scenario is possible: The price reacts weakly to the support of the uptrend channel and forms numerous retests. Decreasing volatility and the formation of a pre-breakdown consolidation is a signal for a possible break-down.
Strong support: lower border of the channel, level 1.09267 Strong resistance: 1.09830, 1.10752 Since the trend is ascending, my priority is waiting for the growth from the channel support, followed by a breakthrough of the resistance at 1.09830 But, if the price breaks the channel support, in this case it might fall to 1.0850
I have opened short position on silver. Interestingly, movement of silver was very correlated to movement of USD. Looking at your good analysis, I would say that gold, silver and USD are aligned and all of them will go short in coming weeks
drkhashix
⋅
to the moon :D
WalterMoon
⋅
Very nice work, I also have the same opinion
FOREXN1
⋅
The dynamic Trendline may Works as support again , Good view.