May 25 2021 0
DXY is still hovering around the lowest price in many months, the area of 89.7.
- The dollar hovered n ear 3-month lows against major currencies at the start of the week, as markets bet on a strong global economic recovery, continuing to support risk currencies. than.
- Bitcoin, the world's largest cryptocurrency, rebounded on Monday, regaining some of its lost ground, but overall market sentiment remains weak.
- The Financial Times r eported on Monday that the G7 was close to reaching an agreement on the corporate tax issue, which could be agreed as early as Friday.
The price has not changed much but is continuing to be forced to the lower border of the range, around the price area of 108.5, while this price zone has not been broken yet, we can still expect the price to bounce back, you still can maintaining previous buy orders, SL placed below 108.5.
The 1.215 zone has not been broken, the price has recovered from this zone, therefore, the reversal pattern has not been confirmed, the uptrend structure is still intact. however, still need to be cautious as EURUSD is already at multi-year highs, we should only consider new buy orders when the old top is broken - a signal of continuation of the uptrend.
The rebound on GBPUSD is insignificant, the price will continue to correct to the 1.40 zone. The RR ratio for short-term sell orders has improved compared to the previous day, you should consider.
The price has not yet been able to bounce strongly from the 1.20 psychological resistance zone, the longer the price accumulates at this zone will increase the possibility of a breakout to the bottom, however, sell orders in the downtrend should only be weighed. Remember when this really happens, but currently, the market is still in an oversold state, the possibility of an upward correction is still greater, the initial target is around 1.22-23, you have buy orders. can continue to hold, SL placed below 1.20.
The 0.77 resistance has once again held, however, the upward force this time is quite weak. Currently, we are still in an uptrend channel, so you can still stick to the buying strategy, however, you need to pay close attention to the 0.77 area, if it is broken, we will temporarily give up this strategy.