EURUSD Long
The Dollar Index sold off after the NFP, losing 0.75% and falling to a two-week low below 102 before turning lower after a failed attempt to consolidate above 103. On Monday, the dollar stabilised near an uptrend line through the local lows of April, May, and June.
On Friday, the DXY moved sharply below the 50-day moving average, which looks like an early signal that the trend is changing to a downtrend. However, from a technical point of view, we can talk about a break of the trend once the DXY breaks below 101.6 (previous lows).
A sustained break out of the dollar's consolidation range would seriously affect the entire FX market. EURUSD is currently approaching 1.10, and establishing a downtrend in the DXY opens a steady upward path towards 1.13-1.14 by the end of the quarter and the potential for GBPUSD to rise above 1.30.
#WaveAnalysis
#EURUSD reversed up support level 1.0850
Likely to rise to resistance level 1.1000
EURUSD currency pair recently reversed up from the support level 1.0850 , which stopped the previous impulse wave (1) earlier this month.
The support level 1.0850 was further strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous upward impulse from May.
Given the strength of the support level 1.0850 and the clear daily uptrend, EURUSD currency pair can be expected to rise further toward the next resistance level 1.1000 (previous monthly high from June).
On Friday, the DXY moved sharply below the 50-day moving average, which looks like an early signal that the trend is changing to a downtrend. However, from a technical point of view, we can talk about a break of the trend once the DXY breaks below 101.6 (previous lows).
A sustained break out of the dollar's consolidation range would seriously affect the entire FX market. EURUSD is currently approaching 1.10, and establishing a downtrend in the DXY opens a steady upward path towards 1.13-1.14 by the end of the quarter and the potential for GBPUSD to rise above 1.30.
#WaveAnalysis
#EURUSD reversed up support level 1.0850
Likely to rise to resistance level 1.1000
EURUSD currency pair recently reversed up from the support level 1.0850 , which stopped the previous impulse wave (1) earlier this month.
The support level 1.0850 was further strengthened by the 20-day moving average and by the 38.2% Fibonacci correction of the previous upward impulse from May.
Given the strength of the support level 1.0850 and the clear daily uptrend, EURUSD currency pair can be expected to rise further toward the next resistance level 1.1000 (previous monthly high from June).
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