USD Near Important Reversal

Ville Vainio

The EUR/USD has declined today and seems to need one more wave down to complete this bear trend and turn bullish. The downside target would be around 1.045 and the upside critical level comes around 1.0683.

The next upside target would be to top the previous minuette wave 4 at 1.0906 and downside should limit to 1.0555.

EUR/USD 4 Hour Chart

The CAD is struggling to reach new highs and it is obvious that this USD bull trend is losing steam. I am looking for this to reach new highs but not very far from the recent top at 1.27975.

If we see a decline below 1.262 the reversal might have already occurred.

EUR/USD 4 Hour Chart

The Dollar Index advanced today and reached the 100 mark. I am expecting a little more upside motion but this trend is nearing the peak. This same slowing of the trend is evident in USD Forex pairs and I think most of the dollar pairs are near reversal.

After this trend is exhausted we are going to see a large corrective move to the downside lasting months.

EUR/USD 4 Hour Chart