Top FX Headlines: DXY Index Eyes 2017 Low as EUR/USD Hits Three-year High

Commentary, Forex, News, Technical Analysis

Amid news that German Chancellor Angela Merkel would finally be able to cobble together a coalition government, the EUR/USD has found itself shaking off whatever political risk that it’s carried since the September elections. EUR/USD break above 1.2100 today signals not only a fresh high for 2018, but its highest exchange rate in three years.
To no surprise, given that the Euro is 57.6% of the DXY Index, the aggregate gauge of the US Dollar has been slammed lower today, taking out not only the yearly low but the low from the September 20 FOMC meeting day as well. Now that this bullish outside engulfing bar’s support has been broken, there is little standing in the way of the DXY Index taking a trip down to the 2017 low at 91.01.

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