Both FX indices poised! by Mary McNamara

Both FX indices are poised at key levels. The USDX is poised just under resistance from the 2010 highs. Any bullish break of this 88.50 level would suggest a test of 89.50 and then 90.

USDX 4hr:

USDX4

USDX monthly:

USDXmonthly

The EURX is at a key level of its own though. The 4hr chart shows how price has pulled back to the key 61.8% fib. This will be a ‘make or break’ level here for the index. A move beyond this fib level would suggest bearish continuation. A respect of this fib would suggest a hold and possibly reversal:

EURX 4hr: note how price has pulled back to the 61.8% fib of the recent bull run:

EURX4

EURX daily:

EURXdaily

There is high impact German Ifo Buisness Climate data out later and this may help to shape the direction for the EURX.

The post Both FX indices poised! appeared first on www.forextell.com.

Leave a Reply