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3 Forex Indexes In Focus: Dollar, Euro And Pound

By Tomasz WisniewskiForexJan 14, 2020 08:34AM ET
www.investing.com/analysis/3-forex-indexes-in-focus-dollar-euro-and-pound-200498496
3 Forex Indexes In Focus: Dollar, Euro And Pound
By Tomasz Wisniewski   |  Jan 14, 2020 08:34AM ET
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Today, we will analyze the technical situation for three indexes. Analyzing an index is a great option to check the general sentiment towards one particular currency. We can later use it to trade many other interesting instruments.

Let’s start with the most popular one – DXY. Most recently, USD found a very strong resistance – mid-term down trendline and the 38.2% Fibonacci. Only the fact, that the price met the resistance is not enough to be bearish – you need some sort of a rejection or a bounce from those high levels. To be honest, this is exactly what we got thanks to two daily shooting star candles. As long as we stay below the green line, the sentiment is negative.

The next instrument is the EURX–the euro index. Here we have a very handsome technical pattern, promoting a bullish reversal. This formation is an inverse head and shoulders. It is already up and running as overnight, we broke the neckline, which in theory brings us a buy signal. The closest target is on the highs from December.

Now, the Sterling with the GBP Index. Here, we have two bearish signals but we are still waiting for the main one, which would give us a great trading occasion. First of all, we broke the lower line of the triangle. What is more, we broke the up trendline. The one thing that is missing is the breakout of the major horizontal support. Once that happens, we will have a legitimate occasion to go short.

3 Forex Indexes In Focus: Dollar, Euro And Pound

Axiory Analysis
3 Forex Indexes In Focus: Dollar, Euro And Pound
 

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3 Forex Indexes In Focus: Dollar, Euro And Pound

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