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EURUSD in channel

Short
FX:EURUSD   Euro / U.S. Dollar
As I said in my previous post about this currency pair (check https://www.tradingview.com/chart/EURUSD...), the price is in growing channel. We should expect it's falling to the bottom, but we'll protect ourselves and setup little SL for unexpected growing
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Comments

Do you think Eurusd will fall even if DXY is falling? Is there no correlation between them?
+5 Reply
Drizzydizzy Lahmamsso
@Lahmamsso of course there is a direct correlation, when Dxy goes down euro goes up and when euro goes up dxy goes down, dxy is a measure of the strength of the US dollar
+1 Reply
Lahmamsso Lahmamsso
@Drizzydizzy That’s what i thought which is why I am curious to know why he thinks eurusd and dxy are going down at the same time
+2 Reply
It's the thinking that "this can't possibly go any higher" is the reason 70 percent of retail traders were SHORT all last week. And of course, you can see what happened. As long as the majority of the dumb money is going short, the big banks will be all-too-happy to continue pouring YOUR money into their long positions.

Don't mean to be harsh, but I want you to consider what will probably happen, rather than what you are hoping to happen. What will probably happen is a weak pullback, followed by a lot more buying. Best of luck on the charts.
+4 Reply
mrs_E steveepperson
@steveepperson let's see what the COT data due to be delivered today will show...
Reply
But u also wrote dxy will fall, both cant go down same time
+3 Reply
Thank you!
+1 Reply
Absolutely agree, like my analysis posted yesterday. We have also a divergence with %b that confirm the expectations
Reply
its going to test 119000
Reply
Do you think Eurusd will fall even if DXY is falling? Is there no correlation between them?
Reply
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