EEM consolidated forming a range since the December 2018 low. As DXY - the US dollar index broke below the 18-month rising trendline, EEM has been trending up since the August 2019 low and broke above the range last week, reaching 45.2, an 18-month high. Momentum suggests further upside is likely. However, since the 45 area is a major resistance area over the past two years, EEM may consolidate first before breaking through the 45 areas to test the 52 peak in January 2018.
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