RLinda ! EURUSD-> Bulls strengthen their position

9 нояб. 2022 г.

EURUSD demonstrates an interesting bullish set-up. On the retest, we see a re-break of the resistance, which was formed in February. Increasing volumes, decrease of the dollar allows the national currency to strengthen.

[I](Chart 1. Breakdown of trend resistance. Increasing volumes. The price is growing).

The US dollar index breaks down the trend line of support for the first time in 10 months, the price shows a strong drop.

[I](Chart 2. Dollar index decline. updating lows).

In terms of technical analysis, an upward price channel is forming on the local chart. The price breaks through the resistance 0.99998 upwards and trades in the range between 1.000 - 1.007. I assume that the price may rollback to the support for the subsequent growth. In our case the resistance area of 1.01977 will be the target.

Regards R.Linda!