Fading the Dollar strength

This is a 4 Hour update , the daily view is still intact and you can check it << Here >>

EURUSD tanked during the ECB press conference and now approaching the key level of September lows around 1.1085 which could see buyers stepping in to drive it higher but if that level break euro will continue to support area 1.0940 – 1.0870 . I’m expecting a bounce from one of these levels for a rally next month because I’m seeing the USD index reaching a strong reversal area even with a move higher to 97 it will end up going back to 93 and to confirm this view we have SPX finishing a 3 wave from the July crash around 2060 – 2100 which represent a very strong supply zone that should reverse it back for new lows.

EURUSD H4                    USD Index H4                  SP500 H4
EURUSDH4 USDIndexH4 USA500Daily

As usual Pound is the strongest currency holding in front of this dollar rally and still didn’t even retrace 50% of it’s move so I’ll be looking to buy it around 1.5355 – 1.5305 , I’m also selling USDCAD as it’s finishing it’s corrective move around 1.3150 – 1.3200. USDJPY still holding between 121 – 118 and the next move in Indices will trigger the breakout.

GBPUSD H4                    USDCAD H4                    USDJPY H4
GBPUSDH4 USDCADH4 USDJPYH4

Recap :  DXY & SPX reaching extreme levels which should provide reversal setup for Majors around the market that’s why i’m looking to fade this dollar strength by going Long EURUSD & GBPUSD and Short USDCAD & USDJPY

AlienOvichO

Full time Trader & Analyst