Could the US Dollar Index revisit its all time high, as the Euro again sees its all time low?
The Euro has risen slightly above the middle of its "M" or double-top pattern. This could be a pullback, or we might see yet another weaker attempt at a re-test of the long-term rising wedge.
Meanwhile, DXY is still maintaining above the middle of its "W" or double-bottom and has yet to have shown a pullback below it.
The Euro could be an indicator of near-term direction for DXY. Should it continue up for another re-test of its wedge, we may see DXY move further down and do the same with its wedge.
On the other hand, if the Euro moves back below the middle of its "M" pattern, DXY may continue on up towards the proposed meet in the middle above.
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DXY
broke a long-term falling wedge, re-tested its top and then moved up.
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EURUSD
broke a long-term rising wedge, re-tested its bottom and then moved down.
The Euro has risen slightly above the middle of its "M" or double-top pattern. This could be a pullback, or we might see yet another weaker attempt at a re-test of the long-term rising wedge.
Meanwhile, DXY is still maintaining above the middle of its "W" or double-bottom and has yet to have shown a pullback below it.
The Euro could be an indicator of near-term direction for DXY. Should it continue up for another re-test of its wedge, we may see DXY move further down and do the same with its wedge.
On the other hand, if the Euro moves back below the middle of its "M" pattern, DXY may continue on up towards the proposed meet in the middle above.
