The US Dollar, aided by the European Central Bank’s surprise decision to expand its stimulus program, is quickly regaining its bullish technical posture, which was seemingly lost earlier this week. The bearish outside engulfing bar in DXY Index on December 5 may now be negated as soon as today, after yesterday’s bullish key reversal and a close at or above 101.55 today.
In turn, naturally, given the outsized influence of the single currency on DXY Index (57.6% weighting), the Euro is playing a role in the DXY turnaround. In similar fashion, EUR/USD’s December 5 bullish key reversal may be neutralized for the time being, after the bearish outside engulfing bar that formed yesterday. A clear, important level of support has formed just above 1.0500/10 in EUR/USD, and the bearish trend would only be set to resume on a break through said area.
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