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EURUSD Daily: Two inverse H&S patterns in there. Strong move the last two days.
I really don’t see why this can’t continue up. That is what I see.
While campaigning Trump would say that the strong dollar put us at a disadvantage in trade.
So it is logical to conclude that perhaps the dollar is being weakened. It happened all through his first year.
I am not stating that this is or isn’t the correct course to take. It is just what he said he would do and it is playing out right in front of us.
Added Chart for Norvast reply (visual) :
Red vertical line is March 21st (FOMC)
Good post SM.
Thank you very much Graddhy!
One thing that could make the Euro even stronger is the born of a new currency for the mediterranean countries (Italy Spain Portugal).
This is very difficult to happen because it would mean the end of the EU as we know it,but ,if happen,it would make the euro the currency of the stronger european countries alone,this would strenghten it.
Very interesting Mamare. I hadn’t thought of that. Good point.
The 20-21 Mar FOMC meeting will probably date the ICL (weekly cycle low) for the USD and also define resistance for the EURO at your top trend line!
A counter trend will see the USD rise and EURO and gold fall but the larger and dominant cycle will prevail and eventually the USD will fall further and the EURO break through that trend line.
Norvast. I added a chart as a visual and put a vertical red line where March 21st is. That would end up being around 1.28.
Could be in the timing band for a DCL here no? Was it you that mentioned 20th Jan as a potential date of interest?
DCH*