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Sunday, November 12, 2017

EUR/USD and The Dollar Index DXY

It's worth to note the charts for EUR/USD and the dollar index DXY. They are inversely related as seen below.

A rising dollar from bottom of chart at 91 to current price of 94 has formed an Head and Shoulder bullish reverse pattern(refer to DXY daily chart). With the same time frame, by looking at the EUR/USD daily chart, which has formed a head and Shoulder bearish reverse pattern(refer to EUR/USD chart).

Both patterns are powerful bottom and top reversal signal. DXY neckline at 94.14, with target price (TP) projection to 97.31, and EUR/USD neckline at 1.1665 with TP projection down to 1.1262, if both pattern work out.

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