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Are U.S. Dollar, Euro Creating Double Tops And Bottoms?

By Chris KimbleForexNov 01, 2021 12:30PM ET

www.investing.com/analysis/are-us-dollar-euro-creating-double-tops-and-bottoms-200606990

Are U.S. Dollar, Euro Creating Double Tops And Bottoms?

By Chris Kimble | Nov 01, 2021 12:30PM ET

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U.S. Dollar And Euro Monthly Charts.

U.S. Dollar And Euro Monthly Charts.

The U.S. dollar and the euro are two of the most-watched currencies in the world, with the U.S. dollar being the world’s reserve currency.

Today’s chart two-pack highlights a critical inflection point for both currencies. Should King Dollar change course, it would be a big deal across multiple assets.

Seeing Double?

As you can see in the chart above, the U.S. dollar and the euro look like mirror images of each other. But what’s important right now is that both are seeing double. That is, both are forming double bottom/top formations.

The U.S. dollar has formed a double bottom (potentially bullish), while the euro has formed a double top (potentially bearish).

King Dollar is testing double bottom resistance, while the euro is testing double top support. Investors should watch this carefully. If the U.S. dollar continues higher and the euro lower, it would effect trading across assets and shake up the financial markets a bit. Stay tuned.

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Comments (4)

Ignacio Herrera Nov 05, 2021 8:05PM ET

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if so... what's going with BTC?

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Tyrone Jackson Nov 01, 2021 9:34PM ET

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Biden wants 3 trillion that he does not have. Watch the dollar fall as stocks go higher. Taper tamper will only be a day or two down. Dx having to drop below 94 and go lower. Powell will never raise rates. Except nirp before a rate hike

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Colonel Forbin Nov 01, 2021 5:15PM ET

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Yes infrastructure bill kills dollar , stonks zoom zoom . Buy some lithium

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Lion_trader Nov 01, 2021 1:38PM ET

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wkwkwkwk

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