Updated: Aug 10, 2020

In our July 22 update on currencies [see: Currencies, a Turning Point] we noted that DXY was in danger of breaking down even though EURUSD was approaching strong overhead resistance. Since then, DXY’s rising purple channel dating back to 2010 did, in fact, break down… …at the same time that EURUSD reached our upside target at 1.19.

With DXY now in Fibonacci no man’s land and EURUSD at overhead resistance – a channel dating back to 2006 – we’re looking at an important inflection point for the US dollar.

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