-
The US Dollar wasn’t the only currency on the move on Monday
As my colleague Matt Weller wrote about earlier, the US Dollar crushed it on the first trading day of the new year. The DXY moved from a low of 95.65 (just above the 50 Day Moving Average at 95.57) to a high of 96.32! The index moved back inside a symmetrical triangle, posting a false breakdown near the 50% retracement from the highs of March 2020 to the lows of January 2021. With the aggressive move higher in the DXY, comes a similar, but opposite move in EUR/USD, as the pair fell over 100 pips and formed a bearish engulfing candle! chart The Euro makes up 58% of the DXY, so it makes sense that a solid move higher ... (full story)