Disclaimer: New unexperienced trader, just sharing my view.
I believe EURUSD is in a neutral position with equal chance of performing move 1a and 1b. Following my DXY analysis I am bearish on DXY. DXY and EURUSD have an inverse relationship which is why I consider move 1a. However the Euro is not in a good spot fundamentally. Growth has been weak and brexit will have an impact too since the UK is a big contributor. Therefore both moves are possible. Waiting to see what will happen at 1.12. Then follow through (beware of a false breakout). However in the longer term September 2021 will be a key time according to my graph, a potential big breakout...
Timeframes of moves 1a/b and 2a/b are not to scale with timeframes just a general idea.
Thanks
Feedback appreciated
I believe EURUSD is in a neutral position with equal chance of performing move 1a and 1b. Following my DXY analysis I am bearish on DXY. DXY and EURUSD have an inverse relationship which is why I consider move 1a. However the Euro is not in a good spot fundamentally. Growth has been weak and brexit will have an impact too since the UK is a big contributor. Therefore both moves are possible. Waiting to see what will happen at 1.12. Then follow through (beware of a false breakout). However in the longer term September 2021 will be a key time according to my graph, a potential big breakout...
Timeframes of moves 1a/b and 2a/b are not to scale with timeframes just a general idea.
Thanks
Feedback appreciated