DXY & EURO: Two simple classical charts, have a look!

  • by Amir El Araby
  • June 7, 2018, 0:28 AM
 231       16      

The weekly charts for DXY (U.S. Dollar Index) and EURUSD reflect one of the most important technical principles when it comes to classical studies.

The chart to the left shows how EURO vs. Dollar has formed a long shadow just from the support zones- previous resistances- in addition to being protected and carried by SMA200 from the underside. Hence, more bullishness to be seen over upcoming periods chiefly targeting 1.20 psychological and 1.2130 respectively as far as 1.1500 zones hold.

The DXY also has retraced from strong resistance, which intersected with SMA200 opening the door for further debasement.

Assessing momentum indicators, Stochastic support our overview very clearly. 

Amir El Araby

Financial advisor with 20 years’ experience in the technical analysis studies for FOREX, Commodities, and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of the Egyptian Society of Technical Analysts (ESTA)

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