Mon, May 29, 2023 @ 06:47 GMT
HomeContributorsTechnical AnalysisDollar Headed Higher – EUR/USD Breaking Key Trendline Support

Dollar Headed Higher – EUR/USD Breaking Key Trendline Support

The USD is higher while stocks are still somehow sideways. The reason for the higher USD can be optimism and speculation about US debt-ceiling. We know that will approve it, otherwise, this will cause a lot of damage on the financial market. “Yellen has repeatedly warned that failure by Congress to raise the $31.4 trillion federal debt limit could spark a “constitutional crisis” and would unleash an “economic and financial catastrophe” for the U.S. and global economies” as reported by Reuters. From an Elliott wave perspective I see USD in a recovery mode, looking very impulsive on hourly chart so think there cna be more upside after next fourth wave pullback, which can once again find support near 102.40, if its retested.

EUR/USD is breaking the major trendline support.

Elliott Wave Financial Service
Elliott Wave Financial Service
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