EURUSD /November 25 2023 - Idea
For all those who haven't seen my latest post on the dollar index, I invite you to read it at the following link:
https://www.tradingview.com/chart/DXY/CNJB2fHP-DXY-November-25-2023-IDEA/
Keep in mind that the movement of EURUSD depends heavily on how DXY will move.
EURUSD is currently near an important zone as its strength is being retested in a new uptrend. As you can see in the 3M highlight, we are currently retesting the neckline of the double top we experienced before, and in the past three months, we have retested this area, and the price has fallen afterwards.
https://www.tradingview.com/x/JSWEG1h4/
In the monthly view, it appears very bullish, but we have four days left for this candle to close, so we have to wait and see what happens after its closure. The 1.10 zone seems to be a very strong area at the moment, and we need to see how it will react here. Overall, I believe the price will fall, but initially, we will see how it reacts at 1.10.
I say this because the last weekly candle (very low volume) shows that investors are waiting to see how the price will react in this zone before making their next investments.
If you see my DXY analysis that I sent above, you will understand what I am saying now. Currently, the EURUSD price is 1.09328, which means that if DXY falls below that for retesting EURUSD zones, it will return to my 1.10 zone. At this point, if DXY influences from there, EURUSD will fall below the 1.10 mark.
In case we see this rejection, I see EURUSD below at 1.05 and then potentially 1.02500.
I will keep you informed in the coming weeks for more updates.
https://www.tradingview.com/chart/DXY/CNJB2fHP-DXY-November-25-2023-IDEA/
Keep in mind that the movement of EURUSD depends heavily on how DXY will move.
EURUSD is currently near an important zone as its strength is being retested in a new uptrend. As you can see in the 3M highlight, we are currently retesting the neckline of the double top we experienced before, and in the past three months, we have retested this area, and the price has fallen afterwards.
https://www.tradingview.com/x/JSWEG1h4/
In the monthly view, it appears very bullish, but we have four days left for this candle to close, so we have to wait and see what happens after its closure. The 1.10 zone seems to be a very strong area at the moment, and we need to see how it will react here. Overall, I believe the price will fall, but initially, we will see how it reacts at 1.10.
I say this because the last weekly candle (very low volume) shows that investors are waiting to see how the price will react in this zone before making their next investments.
If you see my DXY analysis that I sent above, you will understand what I am saying now. Currently, the EURUSD price is 1.09328, which means that if DXY falls below that for retesting EURUSD zones, it will return to my 1.10 zone. At this point, if DXY influences from there, EURUSD will fall below the 1.10 mark.
In case we see this rejection, I see EURUSD below at 1.05 and then potentially 1.02500.
I will keep you informed in the coming weeks for more updates.
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