• Testing 100 day moving Average
• Buyers stepped in on massive consolidation to what looked like a double bottom on the daily
• Fibonocci says we are moving into Bullish zone but not there yet ( just below 0.382% level
• Same double bottom from may 2020 consolidation
○ My Thoughts:
EU reached our breakout zone a couple days ago and has since ripped. The cause would most likely be the rate hikes that we are expected to get this year. Fed's are expected to give out 4 rate hikes. And amid rising inflation which has been said to only get worse. The US rate hikes this year may prove not to effective enough to combat the cost of inflation that we have experience over the last 6 years. The question we have to ask ourselves has this inflation bubble finally reached the spikes at the top? We can go 2 ways here:
1) reject the 100 day moving average as the greenback reverses from its current down trend to move higher.
2) The Dollar continues its lower move lower to where more buyers are as the Euro rises to break out
-2 years ago in july EU being in the same Area we saw a massive spike. Right around the time the dollar started its Covid Crash. We can theorize that this is a bull trap and we move lower from here as Feds attempt to rebound the dollar. This market has been shaky should we reject the 100 day moving average, we will move back in to complete bear flag move
Overall: Neutral bullish
Today: Bullishl
• Buyers stepped in on massive consolidation to what looked like a double bottom on the daily
• Fibonocci says we are moving into Bullish zone but not there yet ( just below 0.382% level
• Same double bottom from may 2020 consolidation
○ My Thoughts:
EU reached our breakout zone a couple days ago and has since ripped. The cause would most likely be the rate hikes that we are expected to get this year. Fed's are expected to give out 4 rate hikes. And amid rising inflation which has been said to only get worse. The US rate hikes this year may prove not to effective enough to combat the cost of inflation that we have experience over the last 6 years. The question we have to ask ourselves has this inflation bubble finally reached the spikes at the top? We can go 2 ways here:
1) reject the 100 day moving average as the greenback reverses from its current down trend to move higher.
2) The Dollar continues its lower move lower to where more buyers are as the Euro rises to break out
-2 years ago in july EU being in the same Area we saw a massive spike. Right around the time the dollar started its Covid Crash. We can theorize that this is a bull trap and we move lower from here as Feds attempt to rebound the dollar. This market has been shaky should we reject the 100 day moving average, we will move back in to complete bear flag move
Overall: Neutral bullish
Today: Bullishl