If you have not taken any position, wait.
Many are saying DXY is going to turn around judging from the double bottom it has formed thus far. That I agreed. However, in order to have a reversal, we need to see a series of LL and HH to justify the breakout pattern. Has it ? No as you can see from the chart.
Both EURUSD and DXY are locked in a consolidation phase. Yes, it can be quite boring when EURUSD is moving at less than 1% range within the day, making it challenging to do intraday trading. In such cases, one is better off looking at other trade opportunities and come back to currencies when it is ready to run.
Watch 93.81 on the DXY , a crucial level. If it breaks out of this level, then we can expect it to go higher and conversely , EURUSD will fall. I will wait for the breakdown of the price action at 1.169, retrace and offers me a bearish candle pattern before initiating my shorts.
Many are saying DXY is going to turn around judging from the double bottom it has formed thus far. That I agreed. However, in order to have a reversal, we need to see a series of LL and HH to justify the breakout pattern. Has it ? No as you can see from the chart.
Both EURUSD and DXY are locked in a consolidation phase. Yes, it can be quite boring when EURUSD is moving at less than 1% range within the day, making it challenging to do intraday trading. In such cases, one is better off looking at other trade opportunities and come back to currencies when it is ready to run.
Watch 93.81 on the DXY , a crucial level. If it breaks out of this level, then we can expect it to go higher and conversely , EURUSD will fall. I will wait for the breakdown of the price action at 1.169, retrace and offers me a bearish candle pattern before initiating my shorts.
Comment:
Praise Lord, moving up nicely, just watch it as it touches the resistance level. Can take some partial profits and adjust SL
