Forex Monday the 29th of May

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May 29, 2017
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May 30, 2017

The Dollar index has endured last week despite the negative sentiment and did not break weekly support (Cloud). I expect the Dollar index to pick up strength this week and make a strong bounce.

In this link you can read my daily analysis on the Dollar index.

The EURO has broken the triangle pattern downwards and we are watching closely in case this was a fake breakdown. If this breakdown is confirmed, expect price to move back towards weekly Kumo at 1.1065.

The Pound has reached important short-term support at the 38% Fibonacci retracement. This is also a horizontal support of previous highs. Cloud support can also be found at 1.2650 if we fail to hold above 1.2770.

More analysis in the comments section below. Have a great day and week ahead!!!

 

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.