DXY bouncing off multi year trend line
As shown on the chart above,
The dollar index, which is the value of the US dollar relative to a basket of foreign currencies, gained strength this week after hitting a multi year trend line support (2011-2020) and a horizontal support around 92.10.
This explains the bearish move for the EUR/USD, which lost around 200 pips in a week.
Not to mention GBP/USD which lost more than 250 pips in a single day.
The bullish DXY move was supported by some fundamentals like rising Covid-19 cases in the European continent and worse than expected PMI data in Germany and France.
Good luck
The dollar index, which is the value of the US dollar relative to a basket of foreign currencies, gained strength this week after hitting a multi year trend line support (2011-2020) and a horizontal support around 92.10.
This explains the bearish move for the EUR/USD, which lost around 200 pips in a week.
Not to mention GBP/USD which lost more than 250 pips in a single day.
The bullish DXY move was supported by some fundamentals like rising Covid-19 cases in the European continent and worse than expected PMI data in Germany and France.
Good luck
Ramzi Abou Abdallah, CFTe, CMT
♦️ Subscribe to my telegram channel for daily signals for free, link below:
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♦️ Subscribe to my telegram channel for daily signals for free, link below:
♦️ t.me/accu_trading