Dollar reversal or Dollar bounce to be sold?

Αντικρουόμενα σήματα
February 7, 2017
Αναμένοντας τα καλά setups…
February 8, 2017

The Dollar strength from early in the morning today has brought EURUSD and USDCAD at important price levels where we could take advantage for a trade if the current weaker Dollar trend continues. The Dollar index is trying to break out of a bearish channel and above the Ichimoku cloud. A rejection here will push it towards 99-98.50….

usdx

EURUSD is close to channel support and important demand area of 1.0650-1.0620

eurusd

USDCAD has reached the trend line resistance where I can see a good selling opportunity with tight stops above 1.3210.

usdcad

Dollar trend remains bearish. We could soon see the Dollar reverse but we might also see another low. Since we are close to resistance and trend reversal levels, I like the risk reward for a short Dollar position with stops close by.

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Alexandros Yfantis
Alexandros Yfantis
Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.