EURUSD down facing Dollar appreciation

23 Apr 2018

Today the recent fundamental news for the United States boosted the Dollar [symbol = "INDEX: DXY"] INDEX: DXY [/ symbol] specifically the Existing Home Sales in percentage terms 1.1% as well as 5.60M units exceeding the forecast values, undoubtedly an indicator that is a reference to determine the power of the currency. This has generated a bearish domino effect for the current session in the main pairs whose Dollar is the denominator.

* Specifically the pair [symbol = "FX: EURUSD"] FX: EURUSD [/ symbol] which is in the terminal phase of a descending triangle will seek to break the current support to: either generate the bearish trend or break the support, bounce back into the now newly created resistance and continue its downward trend.

* If so and [/ i] ceteris paribus [/ i] the pair could be seen in the range of 1.2050 to 1.1950 in the coming days.