Bullish week for the US$

The US$ has closed above 100 and printed a bullish engulfing weekly candle whilst the opposite has evolved on the EURX.

USDX weekly: this weekly pattern is still evolving and the break can go either way:

Note the bullish engulfing weekly candle and the weekly support trend line:

USDX daily: price has reclaimed 100 but it still has to tackle the 102 level, daily Cloud and the daily chart’s triangle trend line:

EURX weekly: this index printed what is. essentially, a bearish engulfing weekly candle and price action is back in the weekly Cloud and below the key 100 level.

USD data this week: lots of high impact data this week culminating with NFP on Friday:

EUR data this week: no high impact data but lots of second tier PMIs this week:

Summary: I’m watching to see if the US$ can clear the 102, daily Cloud and daily chart triangle pattern.

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