Back in February 2018 my view for the Dollar was bullish as I showed in my tweets……The Dollar index reversed and started a move towards 96-97 as expected…..now what?
— Alexandros Yfantis (@alexanderYf) February 16, 2018
Now it is time to be bearish the Dollar once again….I believe wave 2 or B has been completed and we will see another strong leg lower for the index. And as EURUSD its major component, I will be expecting EURUSD to move higher than 1.2550. Bold call…..am I crazy? time will tell…let us see some charts.
On the other side, EURUSD is showing bullish divergence signs and is now challenging a major trend line resistance. Price is about to break out and above a one month trading range. If bulls manage to recapture 1.15 and stay above it, then a big step in favor of the bullish EUR bearish Dollar scenario will be made. It is too early to tell if a major low is in or if we will see one more new lower low…..but looking at the bigger picture I believe that we are at a point where we should favor EUR bullish positions.
Have a great weekend everyone!!!