See this:
I was looking for support in the DXY in the 96.4 area and it did work out well. This rally can continue for awhile based on the longer term charts in the DXY here:
The 1H channel is pushing the price towards the 98 area based on where resistance is on the 240 and Daily chart. The current action in no way points to a top.
As Long as DXY stays above the Blue thick support level that bounced the price yesterday , short term momentum is still to the upside. Its a key line.
There is triple horizontal resistance @ 97.72, I believe horizontal resistance and support levels are put there for 1 reason only - to mislead
the traders. First -> make people go short below it and second when it is exceeded the breakout traders go long and USUALLY PRICE REVERSES LOWER even
for a short while to trip those breakout traders.
So I will be watching for a move to 98 , a bit above the horizontal resistance and a bit of a pullback before the rally continues. Again, the thich blue support line on the 60min chart is KEY
to provide clues for the short term momentum in the market.
This is the EUR/USD 60min resistance in the which key for reversal to the upside.
Will update later .
I was looking for support in the DXY in the 96.4 area and it did work out well. This rally can continue for awhile based on the longer term charts in the DXY here:
The 1H channel is pushing the price towards the 98 area based on where resistance is on the 240 and Daily chart. The current action in no way points to a top.
As Long as DXY stays above the Blue thick support level that bounced the price yesterday , short term momentum is still to the upside. Its a key line.
There is triple horizontal resistance @ 97.72, I believe horizontal resistance and support levels are put there for 1 reason only - to mislead
the traders. First -> make people go short below it and second when it is exceeded the breakout traders go long and USUALLY PRICE REVERSES LOWER even
for a short while to trip those breakout traders.
So I will be watching for a move to 98 , a bit above the horizontal resistance and a bit of a pullback before the rally continues. Again, the thich blue support line on the 60min chart is KEY
to provide clues for the short term momentum in the market.
This is the EUR/USD 60min resistance in the which key for reversal to the upside.
Will update later .
