Seems to have formed an inverse head and shoulders with right shoulder at 88.7% of left. Going on other currencies, holding above this level could prove difficult and so possibly dip under the 1.175 level before recovering.
Euro seems to be supported by long term 61.8% fib level of 2018 to 2020 bear market at 1.1825, aided by supports from GBP being dug back to above support at 1.38 and UsdCad rebounding from 125.9 resistance (Jan 2021 low).
Trendline support likely to be tested if supports from these currencies continue while keeping mindful of Yen's sketching of what appears to be...
'Shoulder' support at ~1.38 rebounding sell attempts to below, propels a run back up to resistance trend, possibly boosted by FOMC minutes due at 14UTC.
Trendline to hold, anchored from 1st Jun'21 0730.
Entry on green trendline, stop at 92.1 or (green trendline - 0.11), highest of.
Estimated moderate to high risk.
Target at 92.5+
Warm welcome traders,
GBP likely sculpting a second shoulder, and possibly tracking the pitchfork. Long with an estimated moderate risk to reach the 61.8% line as TP1 and near the 79 line as TP2.
(Trendline is from 03 Sep'19, not Sep'20 :)
Cheers.
s3.tradingview.com
Fortnightly view of DXY showing a trend-line that aligns the high back in 2nd of Jan'17 and 14th of Sep'20 with the high of 29th Mar'21 that it misses using weekly increments. Current target at ~ 92.86.
