The US$ index has closed with a bearish weekly candle and below the key 100 level. The EURX closed higher for the week but still hasn’t reclaimed its 100 level.
USDX weekly: still within the broadening wedge but note the bearish weekly candle close below 100. The 100 level remains the one to watch for any make or break activity in coming sessions:
USDX daily: The 100 level has given way so watch the triangle trend line for any support:
EURX weekly: a bullish candle but an ‘Inside’ candle as well reflecting ‘Indecision’.
Calendar: The first round of the French Presidential Election is being held this weekend and the result here could trigger large swings on both FX indices so watch for impact at market open. Data impacting the US$ and EUR$ indices is summarised below and note that there is the ECB rate update this week as well. Thus, EUR$ movement might have significant impact on the US$ index through Yin & Yang style movement.
Source: tradecharting.com