DXY (US DOLLAR INDEX)
(UPDATE) - The DXY continued the rally to the upside after rejecting the support zone. This caused the USD to gain strength in the last 24 hours. The next price action and structure formation will be important to understand the next movements on the DXY. Traders wants to see a continuation structure to confirm more upside movements.
EURJPY has been creating a series of higher highs and higher lows. This price action is causing the market to break above key resistance zones according to the current market behavior and further confirms bullish momentum. Furthermore, price has not broken below the ascending trendline and as such, traders are still bullish. At the moment the market is forming a bullish ascending triangle as seen by the flat highs and the 2 previous higher lows. A breakout to the upside will signal that the trend is ready to resume to the upside and provide trading opportunities.
(UPDATE) - EURUSD successfully broke below the counter-trendline and dropped +60 pips to the target. This caused the Dollar to strengthen in the last 24 hours. At the moment the market is bouncing from the support zone and traders are keeping a close eye on price action for the next movements. A bearish continuation corrective structure will cause further strength in the Dollar which will provide trading opportunities to the upside.