So I mentioned recently about the USD and how I was watching closely at the potential double top on the US Dollar Index. We did see the market reject and weaken at the start of last week but with the Fed looking to still be on track to raise rates again next month we saw the Dollar finish higher come Friday.
This has put EUR/USD in a very interesting position technically and is one I’ll be watching closely next week.
Looking at the Daily chart below we can see how we rejected our support at 1.1300 before pushing back lower again with the dollar finishing the week strong as I mentioned earlier. The 4 hour chart is now channelling down nicely back towards this support once more meaning we have a break or bounce situation coming up. Either way we could see some nice trading opportunities coming up so I would recommend keeping this on your watchlist.
Of course this is just my analysis and discretion should be taken along with focusing on your own analysis.
