EUR/USD Sets New 2022 Lows. What's Ahead Of (USD) US Dollar Index (DXY)?

Relevance up to 15:00 2022-07-10 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Red lines- bullish long-term channel

Green lines- bearish RSI divergence

EUR/USD - The Major Component Of The Dollar Index

With EURUSD, the major component of the Dollar index, making new 2022 lows, the Dollar index is pushing also to new 2022 highs towards 106.50. Trend remains bullish. Price remains inside the long-term bullish channel. So far there is no sign of stopping this up trend. But there are signs of a weakening up trend. The RSI is not making new higher highs, it is making lower highs. This bearish divergence should not be ignored. It is an important warning. Price has resistance at 106.50 area. Support is at 104. Bulls need to defend this in case of a pull back. A break below 104 could signal the start of a bigger pull back towards 101-100.

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