EURUSD

In continuation to what we have published about the dollar index and the strength and momentum it is gaining in the medium and long term, we now shed light on the EURUSD pair, as it has been moving in a down trend since 2008 (the image on the left is a monthly frame) until 2015 since then it has been moving in a sideways move between 1.05 and 1.22.
Since 2020, EURUSD has rebounded from the support level of 1.1008, to record the highest level in January 2021 at 1.235, then began to decline until April 2021 and rebounded to reach the highest level in 2021 in May at the level of 1.2266 to start the journey of declining and breaking the support level of 1.17 to confirm the formation of a reversal pattern (Double top on the weekly frame on the right image) and the downward move had tested the support level at 1.112, which was the target of the pattern
The upward move which the EURUSD is now moving in, is only a correction move in a downtrend , and the main resistance area for the weekly and monthly frame is 1.1680 to 1.17. It is recommended to close the long positions and open new short positions in this area.