As you can see from the weekly chart above there could be a larger timeframe Head & Shoulders in play.
Price is currently rejecting the $95.00 level again this week which could indicate USD losing some of its recent momentum.
If price produces another bearish close on the week we could see USD prices back into the key area of $91.00.
For the head and shoulders pattern to play out we need to see a right shoulder formed and the neckline break. But predicting the higher timeframes and using them as a base to work from hold the key to being on the right side of the market the majority of the time. If price breaks higher the idea is invalid and USD should strengthen significantly!!
Price is currently rejecting the $95.00 level again this week which could indicate USD losing some of its recent momentum.
If price produces another bearish close on the week we could see USD prices back into the key area of $91.00.
For the head and shoulders pattern to play out we need to see a right shoulder formed and the neckline break. But predicting the higher timeframes and using them as a base to work from hold the key to being on the right side of the market the majority of the time. If price breaks higher the idea is invalid and USD should strengthen significantly!!