The USD Index price is approaching the range highs where it could begin to find resistance. Could this provide a reversal opportunity on EURUSD?
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The EURUSD price could be about to reverse as the USD Index is approaching the major swing highs. The last few times the price has hit these highs we have seen sellers re-enter the market and the USD lose strength. This can offer opportunities on the major currency pairs especially the EURUSD. The USD Index is a basket of currencies against the USD with the EURO the most heavily weighted.
If the price is going to reverse we should see a lower time frame opportunity form. On the 15 minute chart we can look for long ideas if we see the price form a new higher high higher low pattern or a key reversal pattern such as a head and shoulders pattern or a double bottom pattern. These patterns can lead to big reversals in the market and are key to show that buyers are re-entering the market.
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