EUR/USD Takes 7 Days to Rip off Daily Support

in LeoFinance •  19 days ago 

Direct from the desk of Dane Williams.




After EUR/USD held daily support, we last night finally got the big rip we were waiting for off the level.

Take a look at the daily chart.

EUR/USD Daily:

That latest retest of support saw price sit on the zone for 7 days before the bulls took control.

Interesting to note that EUR/USD is pretty much just respecting the USDX range.

Not all that surprising considering that the USDX is largely made up of EUR/USD, but still interesting none the less.

Especially if we see a decoupling of one at support and the other at resistance - That's where watching the USDX is really helpful.

Best of probabilities to you,

Dane.




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I'll take note of this chart... click, save to desktop... thank you 👍

I wonder is the UK printing as much money as USA is in relief? I might expect a little volatility as we recover and people realize the devaluation going on.

Their central bank is as active as anyone else, yes.

But USD in times of crisis is king and these moves are all much more driven by the USD side of the pair thanks to the Fed.

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